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Around twenty years ago, Harry Ebbing was a businessman convicted of insider trading in California and was sentenced to a maximum-security prison. There Ebbing met the prison's most notorious inmate, Barracuda. He approached Barracuda and made him an offer in protecting him (Ebbing) from the other inmates in return for paying him handsomely upon release. Barracuda honored Ebbing's offer and thereafter establishing a mutually beneficial relationship.

Years later, Harry Ebbing ran the energy company Dynaco and brought the then failing business into a success first by firing 99% of its employees and folded the remainders into a "team," using his legal practice of basing accounts on expected future profits instead of actual money earned. Among his inner circle was Dermot O'Leary, whom Ebbing groomed him to becoming his protege. It was Ebbing's influence that led Dermot to conduct a company conspiracy to blackout Florida's energy grid that were affected from seasonal hurricanes to increase their profit, which Dynaco supplies the power. Troubled arises for Ebbing when one member of his inner circle, Si Stephens, morally opposed Dermot's conspiracy and consequently bringing the Punisher involved; in which Ebbing blamed Dermot for the cause. Ebbing hired Barracuda to eliminate the Punisher.

However, Ebbing was secretly turned against by Dermot and his wife Alice, whom they resented him for controlling their lives, by busting him in his involvement in the blackout through leaking personal documents and notes in his handwriting, after which Dermot will take his place. Ebbing committed suicide by stepping out of a helicopter that was heading to his shareholder conference.

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