Society matron Mrs. Fanshaw Renwick ( Lillian Lawrence ) entertains lavishly at her posh home. Living with her are her two daughters, Phillipa ( Gladys Walton ), a madcap eighteen-year-old, and her married sister Errica ( Maude Wayne ) who is having an affair with Ralli ( Fred Malatesta ), a designing South American. When Captain Chantry arrives with an impressive letter of introduction, Mrs. Renwick welcomes him while Phillipa falls in love with him. On the night of the masquerade party, Phillipa induces Captain Chantry ( Fred Malatesta ) to take her to the party in disguise, because her mother will not permit her to attend. The captain, in reality a jewel thief, readily complies, believing it will provide him with the perfect opportunity to steal Mrs. Renwick's famous pearls. Chantry's scheme succeeds, and in the midst of the excitement over the missing pearls, Phillipa decides to substitute herself for her married sister at Errica's rendezvous with Ralli, in the hope of breaking up their affair. Errica begs Chantry to save Phillipa from Ralli's designs; and the thief, who has fallen in love with the madcap younger sister, risks capture to rescue her from the South American's yacht. After saving Phillipa, Chantry confesses his crime, returns the pearls, and vows to lead a clean life thereafter. Phillipa, forgiving his past, promises to wait for him.
This 1920 silent drama was produced by The Universal Film Manufacturing Company and starred popular screen and stage actress, Gladys Walton. Tragically, Risky Business now remains a lost silent film.
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