It's Fashion Week, and while Neal is enjoying himself, Peter is less enthusiastic about the legion of beautiful women that has descended on Manhattan. Things get worse when one of those beautiful women is witness to a murder.
Peter and Neal interview a model named Tara who watched as the notorious Israeli counterfeiter Ghovat killed one of his business associates. Peter thinks Ghovat is in town with something to sell, and fashion week gives him the perfect cover. But how to find this man they call "The Ghost?" Neal has an unorthodox suggestion: throw a party. Judging by Ghovat's proclivity for gorgeous women and glamorous scenes, it's only a matter of time before he shows up. With Elizabeth's event planning expertise, Peter and Neal plan a lavish affair designed to catch the eye of the counterfeiter. Neal and Tara work the party, keeping an eye out for Ghovat, while Lauren Cruz, a beautiful, whip-smart agent transferred from the Violent Crimes Unit, keeps an eye on Neal. The trap is set, but the wary Ghovat slips through the FBI's fingers.
Back at square one, the team shifts focus to Ghovat's buyer, Dmitri. Meanwhile, Neal worries that the mystery man who took Kate to San Diego has also switched focus - to Neal! Neal doesn't know what he's after, but he's convinced that Kate tried to warn him through a secret message on her final prison visit. The problem is, Peter is the one with the security footage from that day, and Neal doesn't think his new partner will be too keen on letting him have the tape. But it's the former con man's turn to be surprised when Peter agrees to let Neal have the tape...just as soon as they wrap up the Ghovat case.
Unfortunately, that's going to be easier said than done, as Dmitri winds up dead by Ghovat's hand. "The Ghost" may be slipping away again, this time for good.