Watch your wallet! Hold on to your girl! There's a daffy Raffles on the loose!

Ogden Spencer Trulow III is a wealthy kleptomaniac who turned to stealing when he was spurned by a girl. His psychoanalyst advises him to find another girl for a cure. He fastens his interest upon Sally Martin, who happens to be engaged upon helping some crooks steal a valuable necklace. Complications include two scantily attired individuals, one of them drunk, clinging to the cornice of a skyscraper and a large band of crooks in quest of the precious jewels.