Story of an investment agent who embezzles a large sum from an estate, hoping to cover his crime by marrying the estate's heiress. The girl is already engaged, so he arranges to have the fiance killed. A mix up involving the society section of the newspaper places him in the sights of his own hired gun.

Shipping magnate Cyrus Wentworth, downcast over a disaster to his ocean liner 'Wentworth Castle' (carrying, oddly enough, an illicit shipment of Chinese bonds) is shot in his office at the very moment of kicking out his daughter's fiance Dick Fleming. Of course, Captain Street arrests Dick, but reporter Bobbie Logan, the attractive thorn in Street's side, is so convinced he's wrong that she enlists the help of detective James Lee Wong to find the real killer.

The second Falcon film to feature actor/magician John Calvert sees the Falcon dealing with art thieves.