The episode begins with Neal visiting Peter and proudly showing him his first FBI paycheck. Sara meanwhile, shows up and asks about Neal's recent adventures. She's working the Covington settlement, a hedge fund manager Peter investigated who recently died while diving and left $50 million to a young widow. She's basically trying to make sure the wife, Sophie, didn't have anything to do with it. Later, Sara and Peter watch Covington's funeral. They spot Covington's hedge partner Will at the funeral, who Peter had suspected may also be dirty, at the time of his investigation. They also notice somebody taking pictures, from a distance. Meanwhile, Neal takes Mozzie to meet Ellen.
She suggests he work with Sam, a former cop who knew a lot about his father, and hence might be able to help Neal in his quest. Meanwhile, Sophie leaves the funeral before Covington's 21-gun salute is complete. Neal meanwhile walks by, just as she's being abducted, much to his surprise. He then manages to save her from being thrown into a van by masked men. Later, Peter gives the White Collar team his version of what he saw. On his way out he looks wistfully at his empty office, clearly hoping to come back to his old job. Peter as a result asks Hughes if he can consult on this case and Hughes says he'll make a call and let Peter know if he can. Meanwhile, Neal and Sara watch Sophie give her statement to Jones. Peter shows up while Sophie is giving her statement, having been giving the thumbs up to consult on this case.
Jones meanwhile, asks about her relationship with Will, which sets her off, as she clearly doesn’t appreciate the insinuation being made. The plan is for Neal to try and get close to her, so he can gauge her true intentions. Therefore an accidental meeting is deliberately arranged between Neal and Sophie, in the hall. Neal then asks her, if they can meet for coffee to get back his hat. Neal then goes to Sophie's place and finds Will there. Sophie tells him Will is just her husband's former business partner and nothing more. Neal then snoops around trying to see if he can unearth something pertinent. Sophie meanwhile, offers him a glass of wine, right after Neal manages to stop his snooping around, before her arrival. Meanwhile, outside Sophie's place Peter and Jones are waiting.
In the meanwhile, the man who was taking pictures at the funeral is outside and he begins to follow Neal. Peter calls Neal to alert him and tells him to lose the tail. Later, Peter and Jones follow the man to his home. He then opens the door with a shotgun and they quickly put the photographer on the ground. His name is Freddy as it turns out and he's a private investigator who works infidelity cases. Will's wife Popi it turns out hired him to see if her husband is having an affair with Sophie. They look at his pictures, which also includes shots of the kidnappers. Later, Peter concludes that, Will was the abductor, along with being Covington's killer. The team also concludes that, Will is going to try to take Sophie again.
They therefore want Freddy to take pictures of Neal with Sophie, in an attempt to flush Will out. Later, Neal comes home to find Mozzie and Ellen playing cards. Ellen is waiting to hear back from Sam. Neal then asks Mozzie to help him in conning Sophie. Later, Neal drops by Sophie's place offering to make her a meal. Outside Mozzie cozies up to Freddy, making him think he's looking at Neal who is a world-class conman. Sophie meanwhile, tells Neal she doesn't feel right taking the money and is therefore planning to donate the insurance settlement to charity, Neal is visibly surprised to hear this. Neal then leaves, tossing his hat on a statue on his way out. She then comes to the door to give it to him and while they are at it, the two start making out.
Meanwhile, based on the pictures Freddy took of Neal and Sophie, Will and his wife get into a huge argument, when he realizes she'd been paying a PI to have him investigated. Meanwhile, Neal will be escorting Sophie to a gala event at her art charity. The team thinks this will be a golden opportunity for Will to try and grab Sophie, and hence they decide to be on their guard, and be prepared. Later, on the way to the event Neal notices Sophie's bodyguard/driver Tony has a new watch. Neal then tells the two of them he's stolen all of Sophie's money. Sophie on hearing this, tells Tony to call the police, but much to her surprise he instead pulls out a gun, asking Sophie to give him her phone and get out of the car. Tony then takes Neal's phone and they drive away. Meanwhile, Peter gets a call from Sophie.
She says Neal stole her money and tells Peter exactly what Neal told her. Peter leaves to help Neal, as he realizes Neal is in trouble. Meanwhile, Neal is brought to see Will, who pulls out a gun. Peter meanwhile, pops into the van and tells Hughes what is happening and says he has a plan to find Neal. Later, Peter tells Sophie exactly what Neal did. He figured out she was in danger and made up the story about stealing her money to get her out of the car and away from Tony, so as to keep her away from danger. They also tell her about Will, and his real intentions. Based on what Neal said, Peter realizes they need to put the money into Neal's account; in order to catch Will red-handed. $25 million each will have to come from Sophie and Sara.
Neal meanwhile is shown telling Will, he needs him alive to get the money. Neal then shows Will, an online wanted poster so that Will won't think he'll go to the police. Meanwhile, both Sophie and Sara agree to put the money in Neal's account. Neal later puts $45 million of the money he has received into Will's account and walks away. Before he leaves he suggests that Freddy may have incriminating photos of Will. Neal then calls Peter and says he thinks Will should be on his way to Freddy's to destroy the evidence. Peter and Jones are then shown waiting for Will at Freddy's place. They place him under arrest the moment he arrives there, much to his shock. Later, Neal and Sophie have a cordial good-bye.
Hughes says the money from Will was recovered. He also reveals the good news that, Peter has been reinstated as head of the White Collar division. Later, at the party for Peter's return to White Collar, Neal and Sara talk about all that has just transpired. Sara it turns out was really hurt by Neal leaving, which opened up some family wounds. Later, Neal goes to Ellen's place and finds the guards shot, much to his horror. He then sees that, she is being loaded into an ambulance. She, before being taken to the hospital tells Neal "They found me. Trust Sam." The episode ends at this point.