Once a jewel thief always a jewel thief? Yes and no. Yes if you consider the fact that Michael Lanyard also known as the Lone Wolf once retired from the "trade" but relapses back into his old habits when he is tempted by the emerald pendant of beautiful socialite Marcia Stewart. The trouble (?) is that he falls for the belle and he soon gets more interested in getting the girl than the jewels that adorn her. What he wants now is to return the pendant but a rival gang interfere and force him to take part in a big-time caper.

It's bad enough that Clarice Kendall Andrews, Paula's irresponsible sister, comes home from celebrating Mardi Gras and drunkenly mentions that she got married during the festivities. What's worse is the fact that Paula knows that Clarice is still married to an equally irresponsible gigolo. Paula learns that the man Clarice married, Stephen Cormack, is on his yacht and his lawyer, thinking that Paula is Clarice, offers the older woman $5000 to annul the marriage.