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With his associate, Goldy, and Elinor, The Falcon attends a gala party thrown by a prominent socialite, Maxine Wood. During the party, a valuable diamond belonging to Mrs.Gardiner is stolen, and Mrs.Gardiner is murdered. Gay deduces that the theft is really a clever scheme on the part of a group of impoverished society women to defraud their insurance companies Maxine asks The Falcon to break up the ring.
This proves easier said than done. There are more murders and The Falcon himself is nearly killed. At last, accompanied police Captain Waldeck, The Falcon pays a call to Maxine. At that moment, Manuel Retana, a guest from the party, breaks in and threatens to kill Maxine. As he lunges for her, The Falcon Steps in and tries to intercede... but Manuel falls dead, killed by the jab of a hypodermic needle. The police think Manuel killed himself, but The Falcon knows better. He reveals that Maxine is the head of the gang of jewel thieves The case solved, The Falcon returns to his fiancée... until the next time.