The mystery of missing parking meters in Cambridge and Somerville has been solved.

Cambridge police were trying to serve an arrest warrant to 38-year-old Thomas Gannon on Monday night when they found 123 stolen meters in his apartment.

Click here to watch report at MyFOXBoston.com

Cambridge Police Officer Frank Pasquarello says Gannon emptied an unknown amount of money out of the meters. Authorities believe they were taken over the last year.

Gannon has pleaded not guilty in Cambridge District Court to charges of receiving stolen property in excess of $250 and breaking into a depository. He was ordered held on $5,000 cash bail.