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After a winter break White Collar is back! Our resident hottie, Neal, is not sure if he can trust Peter anymore. He and Mozzie discuss Peter over a game of chess. Mozzie points out to Neal that he is the pawn and whoever is wearing that ring in the picture is the king.
Neal decides to go about as if everything is normal – so that he can further investigate whether or not Peter is the double crosser. That morning Agent Landry comes to the FBI headquarters to get some help. He needs one of Peter’s guys to go in and work undercover. Peter suggests using Neal. They give Neal a James Bond type of pen that is a recording device.
Neal goes into a very Boiler Room type of interview with a guy named Brad –he hires Neal on the spot. The FBI has an insider working the scene already, a girl named Madison.
Neal makes a killing that day with his insider trading. Brad invites Neal to an after party to celebrate and he gets to meet the top boss Avery.
Later that night, Neal gets Peter to agree to use his house to go over what he was able to record on his secret pen. After a bit, Neal asks Peter if he could use their bathroom. On his way upstairs, Neal notices that in a picture with his wife, Peter is wearing the same ring of the man that has Kate. Peter’s wife almost catches him staring, but doesn’t do anything.
Peter realizes that the only way they can catch Avery doing any illegal trading is to go in undercover as an owner of one of their businesses that they are trading. Peter convinces Avery to let him in on the trading and Avery invites him to his private home to do the business.
Once Peter gets there, he sees that Neal is already there playing and shooting clay discs with the other guys. Madison gets brought into Avery’s home. Peter realizes that the only reason why they brought her there was to kill her because they think she is the mole.
At this moment, Neal confronts Peter about Kate. He tells Peter that he knows it was him in the picture because of the ring. Before Peter answers, Peter informs Avery that Neal is a spy. They search Neal and find the recording pen.
Neal tells Avery that he is a corporate spy from his business partner Reed. He decides to flip Neal by paying him 3%. They let Madison go home because they think that it really is Neal doing the spying.
The FBI realize that the only trace of evidence against Avery is in his comic book safe at his house in the form of a ledger. In order to get it someone (Neal) has to break in and steal it before the room closes off and takes out all the oxygen. They give him another device that will let him breath for five minutes.
Before Neal has a chance to steal anything, Reed comes barging in demanding why Avery decided to double cross him. They both realize that they were set up by Neal. Peter runs to warn Neal, and ends up getting trapped in the safe with him.
At this moment, Neal realizes he can trust Peter and gives him the oxygen to find the safe button to open the doors. At the last moment, Peter finds it and the FBI barge in.
After all the dusts settles Peter lets Neal in on what happened. Peter got the same picture of Kate at the ATM on his desk, which caused him to start investigating. Every guy in the FBI gets that ring after ten years of service. Peter starts to suspect Fowler and that is why Fowler bugs his house.
Peter sets up that meeting with Kate to ask her to leave Neal alone. She tells Peter that all she is after is the jewelry box and then she will go away. Peter informs her that he knows that Fowler is the ring leader and he is keeping a very close eye on him.
Neal is astonished, but relieved to find out that Peter is not double crossing him. Peter asks Neal about the jewelry box and Neal tells him what it is and its indescribable value.
The final scene is Neal and Mozzie playing chess again. After Neal fills in Mozzie with all the details Mozzie asks Neal where the jewelry box is. Neal conveys to Mozzie that he never had it. People assumed and he never corrected anyone. Now it is up to Neal to find it, steal it, and somehow get Kate back.