Peter brings home a scanner that can pick up sounds from far away. He goes to work and leaves it, Elizabeth is there when she hears a conversation it's picking up that the neighbors are having. That's when she hears them talking about a crime they're planning. She calls Peter and tells him about it. He and Neal go to check it out but nothing is happening. He attributes the whole thing to her recent abduction. She then calls Mozzie and the two of them check out the neighbors. They discover something but instead of telling Peter, she calls Neal and asks for his help. ...
Peter takes the day off in an attempt to give Elizabeth an extraordinary birthday, complete with her parents. He leaves Diana in charge to find a missing Stradivarius with Sara and Neal, all under the prying eyes of Agent Kramer.
When Agent Kramer returns to derail Neal's commutation, Neal races to right a wrong from his past. Peter in turn must choose a side. Set against the backdrop of Neal's commutation hearing, Neal will ultimately decide between fight and flight.
Neal has to resume his Wall Street alias to apply for a broker position in the investment firm of slick 'friend' Eric Dunham, who is suspected of systematic insider trading. That requires tipping him off and entering the inner circle, an after-hours boxing club, where only the winning fighters share in the valuable secrets. Peter insists to enter and win, but Neal is in no mood to help him after finding out Peter's suspicion scared off Sam Phelps, the undercover cop who promised Neal to tell what happened to his absent cop father.
Despite their bitter row over Sam Phelps, Neal accepts to keep collaborating professionally with Peter, even appearing together as 'model team' agent-informer at agent Walt Furlong's international law enforcement convention. Together, they counter Ted Anderson's presumed evil plans at Dr. Drugov's presentation of a revolutionary new bullet proof vest. While Mozzie helps Neal contacting Sam again, Burke's men discover he stole that identity or as Neal presumes staged his death, but a killer is also on Phelp's trail.