Upon learning who is responsible for what happened to Kate, Peter wants Neal to tell him all he knows about him. But because it means revealing some of his past criminal acts, Peter tells him that for the next 12 hours everything he says is off the record. So Neal tells him of how a few years ago he first came to the city and how he first met Mozzie. Then how he later met the man, Vincent Adler of how he also met Alex and Kate. And of the con which first brought him to Peter's attention.