Peter calls Neal to tell him about a new case – someone has stolen a very expensive and rare necklace from an art gala.
Peter and Neal go to the scene of the crime where they confirm that the necklace there is in fact, a fake. When they get back to the FBI headquarters, Agent Fowler from the OPR is there.
Fowler meets with Peter privately and informs him that Neal ankle bracelet went on a hiatus for six hours during the crime event. As much as Peter does not want to believe it, he asks another agent to scan the criminal documents that Neal allegedly signed with his initials.
Neal believes that the criminal is a mastermind that deals in robbing jewelry. He and Peter go to check out their suspect, but fall short. Later that day, Fowler arrests Neal for the robbery. Neal’s initials were found on the fake necklace.
In jail, Neal asks for all his paperwork from the courts. Mozzie follows Fowler who makes an impromptu shredding stop and quickly gathers the shredded paperwork he left behind. Overnight, Neal works on putting it together and after a crazy jump to his death, escapes the judge’s clutches.
Neal fleas to Peter’s house, where after a minute of convincing Peter that Fowler is up to no good, is back on the team.
The next day Peter goes back to work and realizes he is being tailed. He quickly leaves and tells Neal to meet him back at the jewelry store to go over the details again.
Once inside the vault, they both realize something strange with the lighting. They are able to open it up to a newly created brick wall that leads outside. As luck would have it, the opening is captured on surveillance. It shows the main man they had in question as the robber.
They bring in the crook and Peter asks for a confession of who set him up to do this. He says that there are much bigger people involved and he doesn’t say anything else.
While celebrating Neal’s freedom, Neal gets a call from Kate. She wouldn’t say anything except that it is not who Neal thinks it is and that he should hand over what “he” wants.
Before he could respond, Kate hangs up.
Later that night, Mozzie helps Neal realize that Fowler was watching his calls way before the jewelry hike. He goes to confront Fowler and find Kate when his world is turned upside-down.
Fowler informs Neal that they weren’t watching him – or bugging his phones. It’s Peter that they are after. The scene ends with Kate walking into a hotel room with Peter waiting for her – wearing the pinky ring and asking what they should do about Neal.