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.

Burke's wife brings a friend of hers to see him. She tells him her husband a soldier is being sought for smuggling gold into the country. Burke tells her that her husband should turn himself in which he does but claims to be innocent. But Burke says the evidence against him is irrefutable; his fingerprints and hair were found in the gold. The soldier claims that someone from the State Department tried to get him to bring the gold in but he refused. With Neal's help they deduce that the evidence against him may have been planted. And it takes them to a news reporter who interviewed him who was also overseas at the time the gold was being prepped to be sent. So they think the reporter and State Department man are involved and try to prove it.