Russ Matthews and Al Tinker are theatrical agents whose clientele is made up of second-rate acts. However, one client, Dr. Fothergill, "The Master Mind," has promise if only his predictions could be proven accurate. Russ hires Louis, a professional burglar, to steal the famous Sultana Pearl. Then, Russ arranges a press conference for Fothergill to announce the whereabouts of the gem. However, Fothergill arrives drunk, and Russ dons a magician's costume and poses as the Master Mind, who then tells the police where to find the jewel. Then, Russ stages a horse-race hoax. Cindy Wilson, a reporter for the Chronicle discovers the ruse, but when Russ threatens her editor, Fulton, with a libel suit, she is forced to drop the story until she has further proof, and is assigned to do a human interest story on Fothergill. Fothergill gains popularity, and unknown to Russ, a mobster, Cronin, acquires the fan mail addressed to him. Cronin then swindles the fans into crooked stock deals. Carol gets wind of the scheme and threatens to expose Russ, who later learns that Fothergill sold his mail to Cronin. Russ tries to discredit Fothergill, but his plan backfires when, at a boxing match, the underdog, Torpedo Hansen, upsets his opponent just as Fothergill predicted. When Carol finds the dejected Russ, she realizes he is innocent. Russ returns to his apartment to find Cronin, who tells him to leave the racket alone. Meanwhile, Carol has gone to the police, and during his next broadcast, Fothergill asks his fans to visit and gives them Cronin's description. The resulting mob allows Cronin to be apprehended, and after Carol phones in her scoop, she and Russ hide together from the crowd in a telephone booth.