Steve Rawley is serving a 10-year sentence for a Christmas Eve factory robbery that nets $130,000, a stash he has hidden somewhere. He agrees to an experimental brain surgery designed to remove the “criminal element” from him, a radical procedure that could erase his past. He is paroled into the custody of Dr. Marsden, the doctor who performs the operation, hoping a clean slate will let him start over.
An insurance investigator, Jawald, visits Marsden to uncover where the money might be hidden. The doctor explains that if the surgery succeeds, Steve will suffer from amnesia and believe he lost his memory in a car accident. After a battery of tests, Marsden is convinced Steve remembers nothing about the robbery, and the release appears to be imminent—until trouble arrives in the form of Steve’s old gang.
The three former comrades—Lefty, Arnie, and Cookie—kidnap Steve at the facility. He insists he does not recognize them, while Peg Benedict Peg Benedict, said to be his girlfriend, greets him at a nearby apartment. Peg grows suspicious that Steve is truly amnesiac, and her doubt deepens as the men torment him to obtain the hidden money. Peg cares for him as he recovers from a brutal beating and the fear that his past may be catching up with him.
As the trio play cards and press for information, Steve’s would-be rescuers keep close watch, and Peg begins to believe that the memory loss may be real. A crucial clue comes when a photo shows Steve wearing a different suit at the time of the robbery, prompting the gang to search his former home. They find a mysterious paper with the number 1133, and Lefty forces Steve to rewrite it so they can compare handwriting. The chase leads them away from the apartment and toward the amusement park, where the clues should reveal the truth.
At the park, the paper’s meaning becomes clear: 1133 is tied to a concession stand that stores packages for parkgoers. The stand’s attendants explain that the box Steve recalls would have long since been thrown away, but a second search of the back area uncovers a box disguised as candy—inside, the stolen money. With the loot found, Peg fears what will happen next, and she warns Steve that she doesn’t want to be with him if he keeps the money.
The pursuit heats up as Steve and Peg realize they are being tailed by his pursuers and the police. A dramatic confrontation unfolds atop a roller coaster, where [Lefty] meets a fatal end. [Jawald] arrives with the authorities just as Cookie is shot, and Arnie is arrested. Faced with a life of crime or a chance at normality, Steve makes a pivotal choice: he could take off with the money, but instead he decides to hand it over, hoping that he and Peg can finally start anew together. The case closes with the pair stepping away from the shadow of their past, ready to pursue a quieter future.
