Bill Harmon, prominent hedge fund manager on the Hamptom scene, proposes a wager to Conrad Grayson on Daniel Grayson's performance in a polo match. Conrad refuses to bet on his son, but Emily is up for a little action.
She wants to get closer to Harmon so she can destroy him because he was the one that fingered her dad on the charges that he engaged in insider trader and illegally funded terrorists. She lures him in by offering him some inside information on a merger between Nolan Ross's company and a major cell phone company. Of course the information is false and all of Harmon's clients lose big on the investment. Having stolen Harmon's client contact list, Emily does Harmon's clients the courtesy of informing them of Harmon's big screw up.
Lydia puts the beach house up for sale because she's broke and she stands to get nothing from a divorce settlement now that she's been busted in breaching her fidelity pre-nup clause. Of course, Emily procured the condemning photos of her and Conrad at the Inn. Emily puts a bid on the house, but Nolan ends up outbidding her and puts it in Emily's name.
Frank, the Grayson's head of security, tells Victoria he couldn't find anything on Emily Thorne, but Victoria doesn't seem convinced. She's not happy that Emily closed on the house and that she's staying put in the Hamptons.
The one thing that Frank does find on Emily is that she worked with Lydia's husband, Michael, in New York. Victoria wonders if she could be the young lady Michael was rumored to be sleeping with. Also, Frank couldn't find any data on Emily between the ages of 16 and 18. Victoria is certain there's more to Emily than meets the eye and assigns Frank to follow her.
Nolan decides to hire Jack on as the captain of the boat he just brought from Jack. It's his way of buying a friend, since he has none. Unaware that his older brother sold the boat to Nolan, Declan invites Charlotte Grayson for a boat ride. She shows up with an entourage of rich kids, one of whom claims to be her boyfriend. To make matters worse for Declan, Jack is off sailing with Nolan and the boat isn't available.
Later, Declan texts Charlotte to try to set up another date. Adam, the rich kid who says he's going out with Charlotte, gets the text from her phone and shows up with friends to give Declan a beating. Declan's drunken dad Carl comes in before the boys can do any damage. Declan lays into his dad about his alcoholism and their financial situation then storms out. Carl collapses.
Emily goes on a date with Grayson. They're about to kiss on Grayson's front porch when Jack and Nolan show up for a surprise party for Emily. Jack and his dog Sammy are both happy to see her again. Emily gets that kiss from Grayson after the party. When Jack returns home from the party he finds his dad passed out and calls 911 immediately.
Emily has a flashback of her youth and recalls seeing her father with Victoria. And she overhears David say he trusted the wrong person. This reminds her she is the only one that she can trust. The episode ends with her sitting alone blowing out a candle on a cupcake to celebrate Amanda Clarke's birthday.