Society grand-dame Maxine Wood, who hosts charity parties in her home, is mixed up in a jewel-theft racket which defrauds insurance companies. When another socialite, Vera Gardner, is murdered, Gay Laurence (aka The Falcon) and assistant 'Goldie' Locke are on the case with help from beautiful Helen Reed, who becomes a rival to Gay's fiancée Elinor for the sleuth's affections.
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