When Nazi Germany occupied the Netherlands in 1940, not all Dutch citizens resisted. Among the most fanatical collaborators was Meinoud Rost van Tonningen, a leading member of the Dutch National Socialist Movement (NSB) who became one of Adolf Hitler's most loyal supporters outside Germany.

This documentary follows Rost van Tonningen's transformation from a respected League of Nations financial official in Vienna into one of the most radical Dutch fascists. It explores his growing antisemitism, his admiration for Hitler, his conflicts with NSB leader Anton Mussert, and his efforts to reshape the Netherlands according to Nazi ideology. It also examines his role as president of the Dutch central bank and Secretary-General of Finance, where he helped integrate the Dutch economy into the German war machine while billions of Reichsmarks' worth of wealth flowed from the occupied Netherlands into the Third Reich. The film further covers his support for the Dutch SS, his involvement in Nazi colonization projects in occupied Ukraine, his late-war service in the Waffen-SS, his capture by Canadian forces, his controversial death in prison in 1945, and the post-war activities of his widow, Florentine Rost van Tonningen, who remained an unrepentant National Socialist until her death.