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.
Peter sends Neal undercover as a Wall Street stock trader. Neal discovers a White Collar boxing ring where traders fight for insider information. In order to take down the corrupt CEO, Peter and Neal must step out of the office and step in to the ring.
- Open with Neal (Matt Bomer), Peter (Tim DeKay) and Mozzie (Willie Garson) watching the video. It's a younger Ellen talking about Neal's father and the crime he was accused of. She thinks he was set-up by dirty cops. She references a box that contains all the information she's found and tells him about a key that will get into the box. Neal's disturbed by news his father turned state's evidence. Peter wants them to look into it. Neal is worried about the FBI being involved at this point. They agree not to discuss the tape with anybody else.
After watching the tape, Neal calls Sam (Treat Williams) and says they need to meet that day.
In the office, the next day we hear the team is looking into an insider-trading ring for the SEC. Eric Dunham (Victor Webster) is the ringleader. Neal knew him in a past life. The plan is for him to reach out.
Neal finds Dunham at his gym where he's doing some boxing. Neal says he wants to work with him again. During the conversation, Neal tips him off. The subject of the FBI investigation is about to take a huge dive.
Peter is concerned Neal might have jeopardized the investigation. Neal assures him there is nothing to worry about.
Sam stops by Neal's place. Sam says Neal's father turned on the Flynn organization, bringing down the whole operation. He tells Neal a story about his father bragging on him and bringing him down to the station one day. Neal wants Sam to meet Peter. Sam isn't interested. Sam asks if Neal has something to share with him. At that moment, Elizabeth (Tiffani Thiessen) drops by unannounced with dessert. She notices there is an extra water glass and references the pact he made with Peter.
Elizabeth calls Peter from the street in front of Neal's place. She takes a picture of Sam when he leaves and emails it to Peter. Peter assumes this means Neal broke their agreement.
The next day, Peter asks if Neal has anything to share. He doesn't tell him about Sam. It seems the bust of insider trading ring is going to happen, in part because of Neal's strategy.
Peter tells Diana (Marsha Thomason) about Neal meeting with Sam. He okays her doing a background check on Sam, even though it will "make some noise" with the FBI.
Neal goes to work at Dunham's company. Dunham tells him about his club, where for $25,000 Neal will get access to information. Peter approves the money, but tells Neal he'll have to record Dunham giving out the insider info.
At the fights, Dunham tells Neal he won't get any information unless he gets in the ring and wins.
Since Peter informed the the company that somebody was leaking it early, the company revised the information, meaning Dunham's information will no longer be accurate. He'll know something is up. Peter and Neal's plan is to have Neal end up with information that validates the reason the report was changed.
Neal gives Dunham his information on the company. Dunham wants to know his source. Neal invents a hedge fund, meaning Peter and the team will have to create the mirage instantly to fool Dunham.
During the meeting, Peter says he wants in and pays Dunham $25,000 to join the fight club. It sounds like Neal and Peter will be fighting.
Back at the office, Neal and Peter talk about Sam. Neal says there is nothing for him to worry about. The plan is to choreograph the fight so Peter wins.
Using the surveillance report, Peter learns Sam's address and pays him a visit. Peter asks for the three of them to work together. Sam says he'll have to give it some thought.
Neal tells Mozzie he thinks Peter told the FBI about the tape. He also says he didn't show Sam the tape. Peter and Jones (Sharif Atkins) drop by. They begin to choreograph the fight.
Before the fight, Sam calls Neal and tells him the FBI investigation made things too hot. He needs to disappear. An angry Neal gets into the ring. They fight and talk about Sam. Neal departs from the fight script. Things get heated. Peter ends up knocking Neal down. Mozzie throws in the towel.
Afterwards, Dunham has the fight winners join him in the ring. Dunham starts talking about a biotech company. Peter slaps the cuffs on him.
Peter and Neal meet up outside of Sam's place and argue over their misunderstanding of the pact. Sam is gone. Neal says "they" found Sam and Ellen "because of you." He says he's done with Peter as far as his personal life goes.