Image: Howard Wise/JPI

Billy arrives at Jabot and thanks Gloria for doing the wire transfer last night. In his office, Billy calls to confirm receipt of the transfer and tells them they know where to send the winnings when they start rolling in. Phyllis arrives, irritated that Billy didn’t wake her when he got in last night, and updates him on her conversation with Summer, which ‘wasn’t pretty’. Phyllis confirms Summer wanted to hurt her. Billy wants to go elsewhere and talk.

At home, Sharon stuns Nick by announcing she’s giving the Student Address at her graduation. Nick thinks it makes perfect sense and they joke she should picture the audience in their underwear before Mariah appears. She also enthuses about the news and Sharon asks for pointers. Mariah advises her to be her warm and inviting self. They leave, and Sharon returns for her graduation cap, holding it with a smile.

Kyle joins Ashley in the Club dining room and informs her Billy’s stealing from the company to fund his gambling habit. Ashley worries Kyle’s been preying on her brother’s addiction, but Kyle argues he is a grenade and pulled the pin himself. Kyle explains he has a Wall Street buddy with a betting syndicate with a six-figure buy in who bragged about signing up a CEO. He then shows her the wire transfer from after hours. Neither Kyle nor Ashley can access the financial records, which are password protected.

More: Eileen Davidson in soap news

At the police station, Paul notes Rey was brought in by the police commission, not him, and he has nothing to show for his time there. Rey point out if he solves this case, Paul will get the credit. Paul only cares about results. They argue about Rey’s rep for getting personally involved. Rey feels he’s also personally involved, and wonders if he’s afraid he won’t find JT, or he will. Paul warns Rey he’s pissing him off. Rey rehashes that JT disappeared from Victoria’s house the night of her girls’ party and wants to continue to build his relationships with these women. He feels Sharon is the weakest link. He suggests they hire her as a victim liaison at GCPD, and soon, he’ll get the answer to the puzzle.

Kyle tries to finagle the financial records password from Gloria at Jabot. Kyle levels with her that he became aware of a wire transfer and the COO has been barred from the records…he wants to know who authorized the transfer and warns if Billy goes down, she’ll go with him. Kyle feels Billy will let her take the fall and save his own skin. Later, Ashley arrives and Kyle informs her that Billy made a $500,000 wire transfer to an account associated with the gambling syndicate. He is now a CEO with an embezzlement problem. Ashley frets; Billy’s an addict and he’s spiraling. Kyle wants to know about saving Jabot and asks what they’re going to do. Ash walks out.

More: Christel Khalil on Mishael Morgan leaving Y&R

At the Abbott house, Billy thinks Phyllis told him everything about her talk with Summer to remind him he also should put everything on the table. Phyllis senses something’s up with him. Billy comes clean about the gambling syndicate and warns it was a six-figure buy in. Phyllis reels and asks if there’s anything else. Billy promises she knows it all. Phyllis admits she’s not actually on board with his gambling at all. She doesn’t know what his goal is, and says it’s starting to feel pretty dangerous. Billy’s bitter that she let him believe they were in it together, but she really wants to fix him, like Victoria. Phyllis won’t enable him or say something is okay when it’s not. Billy states she’s either with him or she’s not. Phyllis isn’t sure if his happy life is her happy life.

More: Justin Hartley, soap stars at Emmy Awards

At graduation, Sharon talks about rebuilding her life, her mental illness, and what she learned at Genoa City University, in her speech. Nick and Mariah beam in the audience amid the applause.

After graduation at home, Nick has a surprise celebration complete with balloons set up for Sharon. Mariah snaps photos and they pour bubbly. Mariah makes a toast to her mother who fought so hard for her degree, and Nick then takes the floor – he can’t wait to see what Sharon does next. Later, Sharon and Nick reflect on how far they’ve come, and Nick talks about how she’ll help people. Talk turns to their upcoming marriage and since Mariah’s at the stables, they head upstairs to have sex.

More: Y&R casting new role

Next on The Young and the Restless:

Shauna receives a surprise.