Frankie Madison returns to New York after 14 years in prison. Noll Turner, Frankie's former partner in bootlegging, is now a wealthy nightclub manager, and Frankie is expecting him to honor a verbal '50:50' agreement they made when he was caught and Noll got away.
Noll stalls, sending him to dinner with his singer girlfriend Kay Lawrence (Lizabeth Scott). Noll instructs Kay to find out what Frankie is after. He learns that Frankie expects him to honor their old bargain. He tells his old partner that the deal only applied to their old nightclub, which shut down years ago. Dave (Wendell Corey), the only member of the old gang Frankie trusted, had him sign legal papers to that effect some time ago. Frankie's share by Noll's reckoning is less than $3000. Furious, Frankie slugs Noll and leaves to recruit men to take what he figures he is owed. However, Noll had Dave tie up ownership of the nightclub between several corporations, with bylaws that make it impossible for him to hand over anything. Furthermore, the men supposedly backing Frankie actually work for Noll. Frankie is beaten up and left in the alley.
Meanwhile, Noll informs Kay that he intends to marry wealthy socialite Alexis Richardson (Kristine Miller), explaining that he is doing so to ensure the success of the nightclub with which he has become increasingly obsessed. He sees no reason they cannot continue their relationship. Repulsed by the idea and strongly attracted to Frankie, Kay quits and, overcoming Frankie's suspicions, joins his side.
Dave, aghast at how Frankie has been treated, tells him that he is willing to pass along what he knows, which is enough to bring Noll down. However, he foolishly tells Noll what he intends to do, and is killed by Noll's henchman. The murder is pinned on Frankie.
Evading a police manhunt, Frankie and Kay go to Noll's mansion. Though Noll is waiting with a loaded gun, Frankie manages to take it away from him. The three drive to the nightclub. By threatening Noll, Frankie extracts a written confession from him, which he gives to the police when they show up. Noll is taken away, but gets free and goes gunning for Frankie. He is shot dead by a policeman.
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