- Peter and Neal assume each other's identities to uncover a collusion scheme.
- Open during planning of one of Elizabeth's events. The assistant (Brooke) for a trader named Andrew Stanzler says she has information for the FBI about her boss.
Elizabeth tells Peter that Brooke thinks Stanzler is responsible for the city's recent electricity blackouts. He has been withholding supply during peak hours in order to sell service to the city for triple the rate. She is nervous about talking to the FBI because she doesn't want Stanzler to find out. The plan is for Peter and Neal to meet Elizabeth and Brooke at the museum.
Prior to the meeting Neal runs into Sarah, who is back from Argentina. She's learned Vincent Adler was obsessed with fiding a German soldier named Gerhardt Wagner. She hopes the FBI might know who Wagner was.
When Peter is late for the meeting at the museum, Brooke starts to get nervous. Neal steps in and pretends to be Peter. He gains her trust and talks her into coming to the office.
Back at the office Peter yells at Neal for impersonating a federal officer. When Peter says they need to tell Brooke the truth, Neal counters (and Elizabeth confirms) that it could make her skittish and result in her never trusting them again. So, reluctantly, Peter tells the entire office that for the next hour they need to refer to Neal as Special Agent Burke.
Brooke sits down with Neal and Peter. She tells them about Stanzler's plan. Since New York's electricity system is a de-regulated market, if someone owns enough shares they could artificially create a shortage. Brooke asks for Peter to leave and tells Neal she heard a conversation Stanzler had with a Bill Roscoe which makes her think he's looking for a burglar.
Diane shows Wagner's file to Peter. Its been classified.
Since Stanzler already knows Neal as an FBI agent, the plan is for Peter to be the thief.
Peter and Sara come to Neal's place with Wagner's DVD file. He was a U-Boat radio operator who claimed to have info he wanted to share with the United States. But when escaped from a detention center at Ellis Island that info disappeared. Neal thinks it could be related the antennae Mozzie is building. Peter plans to look into the feds' files.
Neal and Sara are followed by a guy wearing a hooded sweatshirt. He jumps into a car and speeds away. Whoever he is now knows Sara is working with the FBI.
Peter has learned how to rob the museum as a way to impress Stanzler. Elizabeth gives Peter some pointers on how to be more like Neal.
Brooke brings Peter to Stanzler. He impresses Stanzler with his breaking and entering know-how.
Peter has been asked to steal a flash drive from another trader named Francis Luntz. Luntz had videotaped a meeting with Stanzler that he wants to retrieve. Neal tells Peter about being followed.
Given that it could take four weeks to get access to Wagner's files, Neal, Sara and Neal's new faux FBI badge go to the Department of Immigration. She takes them to the record room for 1946 and they start searching
Peter gets thief training from Mozzie with a little help from June. He's teaching him to plant a bug in Stanzler's pocket and retrieve it without being caught. Peter and his "sausage fingers" struggle at first.
Sara tells Neal part of the reason she's helping out is that she knows what's it's like to have questions. Her older sister ran away when Sara was 13. Also, she thinks finding Adler will help Neal find closure with Kate.
Peter finally gets his pocket-picking figured out.
Neal takes a break from the records search to help Peter from the van. Peter plants the bug on Stanzler, who tells Peter he'll have 20 minutes inside Luntz' mansion. Peter is able to break into the mansion.
Mozzie helps Sara with the record search. Mozzie hears a noise and goes to investigate.
In the master bedroom's wall safe Peter finds the flash drive. He downloads a copy to the van and takes the original. They immediately start viewing the tape. On it Stanzler tells Luntz about an executive named Chip Wheelock who works for East Coat Hydroelectric. The deal is a guy at the power company flips a switch and they make more millions. Luntz isn't sure ,so Stanzler tells him to come to a party Saturday and listen to Wheelock's story. The FBI's plan is to go to the party and take down all three men.
Peter gives Stanzler the drive and retrieves his bug with no trouble. Stanzler offers him another job at the party that Saturday night.
The rest of the team is filled-in on Stanzler's plan to bring Luntz in on his new angle with Wheelock. They have managed to install a camera on the jacket Stanzler will be wearing.
At the party Stanzler takes Peter aside. With the van listening Stanzler says he wants him to babysit Luntz. Stanzler leaves. Luntz has been led to believe Peter is Wheelock and Peter realizes he is about to be double-crossed. The room is locked and Peter thinks Stanzler is going to try and kill them both. Jones gets word another blackout is coming. Peter thinks once the power goes down he can shoot them with the cameras down.
Neal sees Stanzler leave the party just as the power goes down. Neal pulls out his badge and tells everyone to remain calm, then rushes to Peter. With help from Jones monitoring Stanzler's jacket camera Peter is able to avoid being shot. Neal distracts Stanzler while Peter takes him down. Both men are put in cuffs.
Afterwards Peter and Neal compare notes on what is was like to be the other guy for a while.
Neal rejoins Sara at the records search with some leftovers from the party. Another blackout hits and Neal and Sara begin fooling around. Mozzie interrupts them with word he's found Wager. He changed his name to Michael Hunter, but died several years earlier. He is survived by one granddaughter -- Alex Hunter.
Cut to Alex telling someone on the phone "I'm headed to the location now." She pauses for a second and heads off-camera. We see she's also being followed by the shadowy figure in the sweatshirt.
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