Shelby Barrett (Barbara Stanwyck) rides show horses for wealthy widow "Nicko" Nicholas (Genevieve Tobin)and meets Johnny Wyatt (Gene Raymond), scion of a once-wealthy Long Island family but who now goes about the country riding polo ponies for various stables including "Nicko." Despite the presence of "Nicko" and wealthy Gene Fairchild (John Eldredge), who is in love with Shelby, Johnny and Shelby are married. Shelby is treated frigidly by her snobby-but-broke in-laws, who frown even more when she and Johnny start handling the horses for wealthy neighbors on money Shelby had borrowed from Fairchild without telling her proud-but-broke husband. Matters aren't helped any when "Nicko" shows up and starts gossiping about Shelby and Fairchild. Fairchild asks Shelby and Johnny and another couple to help him entertain a wealthy client aboard his yacht. Johnny is away and Shelby tries to contact Johnny and fails but accepts the invitation on her own and is seen boarding the yacht wearing a red coat. The other couple backs out and the wealthy customer shows up drunk with a female companion who is not his wife. The companion is also drunk and manages to fall overboard and drown and Fairchild is charged with murder when a crew member states he pushed her over. Fairchild intends to keep Shelby's name out of the case even though it looks bad for him. But, at the last minute, Shelby turns up in court as the missing "woman in red' witness and her testimony saves Fairchild. The question is will Johnny understand and forgive her, although she has done nothing to be forgiven for.