In the Fourth Season finale Ellen’s (Judith Ivey) box of secrets is up for grabs. Having been told by Senator Pratt (Titus Welliver) the evidence implicates James (Treat Williams) and not the Senator, and realizing Peter (Tim DeKay) and Neal (Matt Bomer) have traced its location to the Empire State Building, Agent Callaway (Emily Procter) makes a deal with Peter to deliver the box to the FBI and let the chips fall where they may. However, after an unexpected meeting with his former boss (James Rebhorn) Peter is unsure who to trust.
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While looking into the case that destroyed Neal’s (Matt Bomer) family and his father’s (Treat Williams) career as a police officer, Neal and Peter begin an investigation into Senator Pratt (Titus Welliver). Not only do they believe Pratt is one of the a former dirty cops who was on the Flynn’s payroll, but it’s also highly likely he is the man responsible for Ellen’s (Judith Ivey) death. While Peter gets the measure of the man, Neal uses his charm to get a look at the Senator’s itinerary from his attractive assistant which allows Diana (Marsha Thomason) to place a bug on the man’s phone.
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While undercover as a Wall Street trader Neal (Matt Bomer), under the guise of his old alias Nick Holden, reconnects with a former business associate (Victor Webster) and uncovers a White Collar boxing ring where stock traders fight in the ring for insider information.
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When Peter (Tim DeKay) uncovers a possible connection to a recent string of museum robberies and Neal’s (Matt Bomer) old friend Alex (Gloria Votsis) he asks Neal to suss out if she’s involved, which of course she is. While searching for the identity of the mastermind behind the crimes Peter and Mozzie (Willie Garson) become inexplicably trapped in Alex’s bathroom and Neal attempts to schmooze the truth from her downstairs.
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Neal (Matt Bomer) and Peter (Tim DeKay) try to match wits with a political fixer (Perrey Reeves) who has been hired to sink the case of a criminal Peter is trying to put behind bars. To help take down the woman, who is behind the blackmail of the Assistant District Attorney (Michael Torpey) trying the case, Neal and Peter call on the help of an old friend, Sara Ellis (Hilarie Burton), to help set-up a sting that doesn’t go quite as planned.
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Now reunited together in the White Collar Division, Neal (Matt Bomer) and Peter’s (Tim DeKay) first assignment is a personal shopper turned art thief (Rebecca Mader) with a keen interest in a New York museum, but Neal’s focus is off following Ellen’s (Judith Ivey) murder and the inability of Peter to get any useful information out of the U.S. Marshals regarding the case.
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Sara (Hilarie Burton) shows up at the FBI’s evidence warehouse to ask Peter (Tim DeKay) and Neal (Matt Bomer) for help with a young widow (Laura Vandervoort) about to come into $50 million after the accidental death of her husband. When it turns out the widow isn’t a thief but a potential victim, Neal becomes her knight in shining armor while playing the con man to the business partner (Peter Hermann) of her recently deceased husband who will stop at nothing to get his hands on her millions.
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Picking up six weeks after the Third Season finale, Peter (Tim DeKay) receives a visit from FBI Agent Kyle Collins (Mekhi Phifer) from the Office of International Affairs who has been assigned by Agent Kramer (Beau Bridges) to find Neal (Matt Bomer), and he expects Peter’s full cooperation. Meanwhile Neal and Mozzie (Willie Garson) are living the good life in paradise off of Neal’s half of the recovered Nazi treasure.
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