Eddie Ash was a financial advisor at Sweet Valentine Enterprises.
Eddie Ash worked for Eddie Valentine, a hip-hop mogul, as a financial advisor and his right-hand man, Eddie having built the business up from scratch.
At some point, Eddie, jealous of his boss, embezzled over $2 million from Valentine and framed Ricky Watkins for it. His plan was to launder the funds so he could claim it as his own while letting Ricky who was completely innocent take the fall while Eddie would get away scot-free.
Eddie's activities prompted Ricky to hire Michael Westen to find proof that Eddie was embezzling Valentine.
Michael posed as a real estate developer Jimmy Glynn to get close to Eddie. As Michael was getting close to closing a deal with him, Michael's fellow spy and wrangled, Victor Stecker-Epps, a fellow burnt spy and Michael's wrangler, furious that Michael had blown him off, unexpectedly crashed in to blow the deal between the two with Victor claiming that the feds were now watching Eddie in the hope that it would ruin the mission.
Luckily, Michael used this incident to his advantage by accusing Eddie of drawing the feds close to him and stop his business deals.
Afterwards, Michael asked Sam to tail him and take pictures as though he was a federal agent.
This brought Eddie close to a breaking point, forcing him to run to Michael for protection. The same night Eddie agreed to work with Michael, he ordered Ricky's hit at his home. Michael used this knowledge to ask Fiona Glenanne to intercept the thugs.
The next day, Michael approached Eddie with intel that Ricky Watkins was the federal informant who ratted on Michael and Eddie. Michael worked Eddie psychologically (even going so far to fake a fight with him and lose) to get him to man up and turn the gun (given by Michael) on Ricky at his home.
Eddie arrived at Ricky's home with Michael watching from the car with the intention to murder Ricky. Ricky opened the front door and Eddie held him up at gunpoint. He told Eddie he had no right to steal the money from Valentine. However, Eddie angrily got defensive and confessed that he did not care for Valentine's music anymore, believing that he rightfully owned the money. Eddie shot Ricky, but the gun Jimmy/Michael had given him earlier had actually been loaded with blanks.
Having been brought to the house by Sam and Fiona, Valentine emerged from the room, having heard everything as well as Eddie's unwitting confession.
That same day, Ricky went to the loft and let Michael and Fiona know that Valentine took Eddie out on the yacht. He never came back from the trip, suggesting that Valentine either murdered him and dumped his body or drowned him as a result of his actions.
Despite being completely loyal to Valentine, Eddie was truly greedy and cared little for no-one but himself. He was also devious and manipulative, often willing to kill.
Eddie's one key weakness was his arrogance and his belief that he had gotten away with the crime which ultimately proved to be his own downfall.