An Argentine racing syndicate uses four horses as collateral for a loan. When the loan defaults, the bank discovers that the horses' identities have been forged. Benny Goldfarb, Private "I" travels to Argentina, Brazil and Paraguay to unravel the fraud. The tri-border area is a haven for criminal gangs and terrorists. They stand between Benny and his client's money. Benny's love interest, Rosa Zuleca, comes to terms with her newly-discovered family history--Sephardic Jews who left Spain for South America to escape the Inquisition.