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In New York City, Lionel Q. Devereaux and his girl friend, Brazilian singer Carmen Novarro, are given twenty-four hours to pay their hotel bill. With the help of gullible singer Andy Russell, Lionel, posing as an agent, convinces producer Steve Hunt to let Carmen audition for the Club Copacabana. When Hunt asks whom else Lionel represents, he invents a veiled beauty from Paris named Fifi and convinces Carmen to personify her. Steve hires both Carmen and Fifi, who is a sensation in the press. Lionel tells Steve that he and Carmen are engaged to keep him away from her, but Steve asks out Fifi instead. Lionel then asks Andy to play cupid with Steve and his secretary, Anne, who is in love with him. Andy urges Anne to sing her feelings to Steve, but he is indifferent to her lovemaking. After Anatole Murphy, a Hollywood producer, makes an offer to Steve to take over Lionel's contract on Fifi, a slick agent named Liggett convinces Lionel to sell Fifi's contract to him for $5,000. Liggett in turn receives $100,000 from Murphy. Liggett becomes suspicious when he sees Fifi get into a cab and Carmen get out of it. After Anne confides in Carmen that Fifi is ruining her chances at love with Steve, Lionel and Carmen stage a fight in her dressing room between Carmen and Fifi, which is followed by Fifi's disappearance. Lionel later reports that she was found dead in the river and that he is glad he killed her. He is overheard, however, and blamed for Fifi's murder. During his interrogation, Lionel explains that he made up Fifi. Steve confesses he courted Fifi only for business and that he loves Ann. Carmen then enters dressed as Fifi, and when Steve removes her veil, Carmen and Fifi are proven to be one and the same. Lionel kisses Carmen, and Murphy offers to buy the girl and the story for a Hollywood picture. Lionel subsequently receives credit for everything on the production, which opens with a song about the Club Copacabana.