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Several men rob Wainright Bros. of £5,000 worth of diamonds, but have to sell them for a mere £500 to the fence known as "The Squeaker." Later, at the Leopard Club, Larry Graeme, a jewel thief, visits his lover, Tamara, a dancer at the club. That night Larry steals the Van Rissik pearls, worth £50,000, but refuses to sell them to the Squeaker. Joshua Collie, a reporter for the Post-Courier , writes that the Squeaker can be caught by following the trail of the diamonds, not the criminals. During a line-up of suspects, superintendent Marshall recognizes Barrabal, a former police detective who has become an alcoholic. Barrabal promises to stay on the wagon for a job, and is assigned to the Squeaker case. Using the name of Captain Frank Leslie, Barrabal gets a job with Frank Sutton of E. G. Stedman & Co., a shipping concern. Sutton has a well-known sympathy for men down on their luck, and offers them jobs. When Sutton learns from the police that Barrabal is a known criminal with many aliases, he tells his girl friend Carol Stedman, whose father owns the company. Carol had felt sorry for Barrabal, but now believes he lied to her. When Larry threatens to turn Sutton in, Sutton sends a letter to Scotland Yard fingering Larry for the pearl theft, and signs it "The Squeaker." The Squeaker has a history of turning in thieves to the Yard if they will not sell their booty to him at a low price. Larry is picked up by police, but escapes rather than reveal the identity of the Squeaker. Larry arrives at a party on the Stedman estate, where Carol and Barrabal are falling in love. Pulling a gun on Sutton, Larry plans to turn him in, but Sutton shoots him first. After Inspector Elford questions the guests about the shooting, Barrabal is arrested as a ruse. Carol refuses to flee with Sutton, and they are called down to the Yard. There Sutton learns that "Leslie" is Barrabal, and is finally unnerved into confessing that he is the Squeaker, after he is shown Larry's body and the imprisoned men he turned in. Sutton confesses that he employed ex-convicts in order to pin the crimes on them when he was threatened by exposure. Barrabal is then reinstated as inspector, and Marshall finally allows him to have another drink.