He had been working in the shipping industry, alongside his 16-year referee career, until he was suspended in June 2024 pending a fraud investigation.
Pannell lost another job of 16 years and had his assets frozen, due to the SeaRoad Shipping fraud probe.
Realising he could no longer provide for his two children, Pannell's lawyer on Wednesday said his mental health "really began to decline".
"He was under a lot of stress," defence lawyer Jessica Clarebrough told Heidelberg Magistrates Court.
"He was being investigated. He had his assets frozen. He felt he was unable to provide, he'd lost his job of 16 years, and he was very concerned about the impact on his ex-partner, his partner, his parents and his two children."
Media caught onto the fraud investigation after he failed to turn up to the Supreme Court over the asset freezing, and warrants were issued for his arrest.
Pannell sent letters to his family, before embarking on a solo road trip to places in South Australia, NSW and Victoria he remembered from childhood.
Ms Clareborough said he then attempted to take his own life.
He was pulled over twice by police but failed to stop, on May 30, and then evaded police on June 6, before crashing his van.
Ms Clareborough said her client was "panicking" as he knew there was a warrant out for his arrest.
Pannell appeared at the court on Wednesday via video link from Melbourne Remand Centre.
Ms Clareborough said he had been in custody for 48 days, for both the Supreme Court matter and these charges.
He pleaded guilty to three offences, including dealing with property suspected to be the proceeds of crime, failure to stop on police direction and evade police.
The property offences related to a vehicle, phone and laptop Pannell had not given back to his new employer, Demos Property Services.
Magistrate Michael Wighton said the charges were not serious enough to warrant a prison term.
He handed Pannell a six-month good behaviour bond, cancelled his driver's licence and disqualified him from driving for six months.
Pannell will return to the magistrates court on January 23, 2026, and his charges will then be dismissed if he has been of good behaviour.
Separately, he has pleaded guilty to contempt of court in the Supreme Court, and is fighting fraud allegations from SeaRoad over payments he made while working there.
He will return to the Supreme Court on Friday for a sentence on the contempt charges.
The experienced umpire, who presided over more than 200 AFL games, attracted attention after he awarded 17 free kicks to the Western Bulldogs in a 2016 match against the Adelaide Crows.
In May 2014, Pannell was left with a concussion and had to be taken from the ground on a stretcher after he was accidentally knocked in the head by Sydney defender Nick Malceski.
He retired from professional umpiring in 2019 due to soft tissue issues.
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