E.L. insists on going to a retail tailor shop, Vicker's of Beverly Hills, to collect money owed for a security investigation. Lionel figures he should go along, but E.L. insists he can do it alone. He leaves Lionel with a Matt Savage novel and goes inside. He claims a movie company is unloading equipment in the alleyway, gets the two main men out, and then takes a few rolls of cloths. He goes into a design room and then makes himself an Arabic costume. He passes himself off as a sheik's assistant and talks to the owner, Stanley Vickers. Vickers is soon glad to give him clothing at discount prices.
In the car, Lionel is listening to a radio broadcast about the financial activities of a motorcycle gang, the Hell Hounds, who are channeling funds into legitimate enterprises.
As E.L. leaves with the clothing as payment, Vickers spots him and goes in pursuit. The conman leaps into the car and tells Lionel to drive. Once they get away, Lionel is unhappy that E.L. stole the clothing... and that he didn't get anything. Back at the office, they find Lionel's broker friend Marty Huckerman waiting for them. E.L. is glad to meet him, until he discovers that Marty's father, a RV magnate, lost all of his money. Marty soon admits that he's there for professional reasons and explains that two men, Hoskins and Tully, gave him $100,000 in negotiable securities to invest. E.L. perks up and has Marty explain that he made $12,000 for them in two weekend investments. Then their social security numbers showed a red flag on the computers. When he asked for more information, the two men subtly threatened him. Marty wants them to follow Tully and Hoskins, but warns the partners that there's a 300 lb. man who has been hanging around the brokerage house. E.L. recognizes him as a cop. Marty assures them he hasn't told anyone else about the case except his wife Sylvia, who Lionel is still smitten with.
That Friday night, Lionel is reading another Matt Savage novel at home when there's a knock on his door. It's Sylvia, who has been crying. Lionel ushers her in and gets her ginger ale. She claims that Marty has been desperate since his father's bankruptcy, and he's making up fantasies about men with bags of securities. Now Marty has bought a guard dog and buried their wedding silver service. Lionel suggests they just ignore Marty's fantasy so he'll give it up when he doesn't get attention. Sylvia thanks him for being such a good friend and leaves for the night.
Monday morning, E.L. goes to the brokerage house and watches as Tully and Hoskins visit Marty. They notice that he's sweating and insist that it's just business. Marty goes to get their money from the vault, only to discover the money he deposited in the vault is gone. His boss thinks he's playing a practical joke and checks the log, and there's no record of the bag. Tully and Hoskins come over and demand answers, escorting Marty off the floor. E.L. goes after them and watches as they drive away with their captive. E.L. borrows a car from valet parking and drives after them, but they manage to get away when the car stalls.
E.L. returns to the office and two thugs grab him. He tries to pass himself off as a parapsychologist but it doesn't work, and they confirm they're there to repossess the clothing he took from Vickers. They take his stolen clothing and warn him to stay away from the tailor store. E.L. grabs Lionel's trenchcoat and goes to see his partner at home. Lionel has overslept, and E.L. wonders why he wasn't there at the brokerage home. He apologizes for not calling E.L. to tell him what Sylvia told him about Marty's supposed delusions. E.L. explains that Hoskins and Tully abducted Marty, and they figure that Marty lost the bag.
Lionel and E.L. go to see Sylvia and tell her what happened. She blames herself for not believing her husband. As Lionel goes to call the police, Marty staggers up the stairs to the house and collapses, dead.
The police arrive and Lt. Blitz questions Lionel. He suspects that Lionel was romantically involved with Sylvia, and figures that she had something to do with Marty's death. He starts telling Blitz everything he knows about Marty, starting with their days at the brokerage. Outside, E.L. pretends to be a neighbor and offers to get some coffee for the coroner, and learns that the former cop following Marty is Eddie Dugan, who now works as a private eye. Blitz finally gives up on Lionel's long-winded statement and sends him along.
Lionel and Marty go to Dugan's office and search the place. They finally discover Dugan dead in the closet. When Lionel calls the police, E.L. tells him that they'll end up arrested and advises against it. As they go, Lionel finds a trail of blood stains leading to the next office. Lionel kicks in the door and finds a darkroom. There are photos of the Hell Hounds and four shots of Sylvia. They show that Sylvia went to see someone else after she visited Lionel on Friday. The mailbox in the photo has the name Julian Streeter on it. E.L. steals Dugan's address book and gets Streeter's address. He figures that Dugan dealt himself into the Hell Hound's drug business, and Marty was laundering their money. The Hell Hounds catch up to the partners in an alleyway and their leader demands the money that Hoskins and Tully stole from them. The leader figures that Marty was in on it, but Lionel insists his friend was honest. When the Hell Hounds try to haul them away, Lionel and E.L. make a break for it and split up.
E.L. takes refuge in a diner and poses as a waiter. When it doesn't work, E.L. knocks the biker out, runs outside, and finds Lionel taking on two of the bikers. They knock out the bikers and take one of their bikes to drive to see Sylvia. They go to Streeter's house and sneak up, and see the bikers taking Streeter away. E.L. realizes that Streeter is Marty's boss from the firm, and they figure Streeter was laundering the money with Hoskins and Tully, and set Marty up to take the fall. They drive by, grabbing the bag of money, and take off with the Hell Hounds in pursuit. They drive into the police station and the leader follows them in, and Lionel has him arrested.
Later, Lionel returns to the office and finds Sylvia searching his desk. He surprises her and she claims she's looking for a match, but Lionel points out that she doesn't smoke. He admits he was crazy about her and then calls Lt. Blitz and leaves a message that the officer was right about the wife being involved. Once he hangs up, he explains that Sylvia set up her husband. She was involved with Streeter, and they hired Dugan to keep an eye on things. She throws herself into Lionel's arms, but he refuses to become her partner and turns her over to the officer when she arrives. E.L. arrives in a policeman's uniform and is disappointed that Lionel didn't keep the securities. Lionel admits that turning Sylvia in was the hardest thing he ever did, and even E.L. telling him he posed as a policeman to steal his suit back from Vickers doesn't help.
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