On The Cover: the Justice Society run toward a giant blue face with a mustache, beard and top hat.
the paper tells that a rich man named W.I. Zard is offering a $1,000,000 reward to the Justice Society for all their good deads. the members agree they can't accept it because their first rule is not to accept payment for what they do. they then go on to discuss a villain called the Wizard while someone watches from the shadows. once noticed the stranger flees and the heroes give chase.
after a long chase, they think they lost him and return to their HQ but it soon transforms into a boat before their eyes. they find a note saying their modesty was admirable but overdoing it signed W.I.Zard, only then do they realize W.I.Zard is the Wizard. the bat takes them to an island where they find the Wizard's home. he insists the only reason people don't steal is they are afraid of being caught so the "Heroes" must be perpetrating a great hoax and he wants to be let in on the crime. our heroes say this is nonsense but he persists, giving a test in the form of 5 crimes for them to stop.
Hawkman Zooms to the Eberley mansion where a party is happening and 2 crooks are selling balloons filled with knockout gas. they use bee bees to pop the balloons and rob the sleeping crowd. hawkman stops them until the Wizard shows up and sends him to a frozen world. with him gone the crooks only have time to grab a necklace and scram before the partygoers wake up. in the frozen world, Hawkman burns some of his feathers to stay warm, the fire cracks the ice and Hawkman escapes. finding himself back at the mansion he pursues and captures the crooks before heading back to the HQ.
the next page sees Captain Tootsie's Counter Spook.
Next, we follow Dr. Mid-Nite to the marine bank where a gangster named Mollon has deposited $50,000. now he is having it withdrawn from 4 tellers at the same time. Dr. Mid-Nite stops the plot until the Wizard shows up and binds him. the crooks throw him in the bay where he is attacked by swordfish but he uses a blackout bomb to hide from them and cut his ropes on a rock before going back up, capsizing the boat and making the crooks push it back to shore.
meanwhile, Flash goes to a mechanical engineering lab where crooks have bribed a day worker to cause an accident that knocks out the scientists so they can steal a formula. he makes short work of them until Wizard shows up and incases him in a glass cylinder. they put him in an oven but he spins his way out, chases down the crooks and catches them.
Atom is sent to a drawbridge where some crooks are robbing a fur truck while the bridge is up. again the hero is making quick work of the crooks until the Wizard shows up to bind and knock him out. they tie him to one side of the bridge so he will be crushed when it closes but he wakes up in time to flip himself up so the closing bridge only cuts his bonds and he is able to catch the thieves.
next, we see "Fate Laughs Last!", a full-text story by Cliff Rhodes.
then a humor strip with Cotton-Top Katie getting in a snowball fight.
finally, crooks show up at the hobby room of a rich man who invented a new train switch. Green Lantern arrives to stop them but again Wizard shows up, this time shrinking our hero and traping him on the tracks of a model train set. he manages to get his ring back, destroying the train and regaining his size before stopping the crooks.
Wonder Woman returns to the HQ with Johnny Thunder, who is indignant he wasn't given a crime to stop. as the others return the Wizard appears calling them fools, revealing they are really back at his home. he then tells them his backstory of training in Tibet after getting out of prison. he reveals they were hypnotized the whole time and never returned to their HQ. he then conjures monsters to fight each hero but Dr. Mid-Nite realizes they are just delusions and uses a blackout bomb to get rid of them.
Wizard claims the one thing he never considered was that they might actually be honest so he jumps into a pit of acid and seemingly dies.