The Legend of Korra - Book 2: Spirits

Given the previous episodes and how the things have been turning over and over again I wouldn't discard that Varrick is a good guy after all.

I don't know man.

 Spoiler

Mako getting arrested directly after refusing his offer and investigating into his shadiness kind of screams that it's him. I hope it isn't though because a twist like that where he isn't a bad guy would be amazing.