Albrecht Raines, an artist, was also a leader of an underworld criminal gang that was printing counterfeit money. Green Arrow and Speedy investigated the trail of phoney money and captured Raines and his men.
Raines escaped and declared vengeance against Green Arrow and Speedy. He donned a costume and called himself the Rainbow Archer. On his first operation he looted the purser's office of an ocean liner and used arrows of various colors to escape. Next he tried to loot an armored car using an amber arrow. Due to his hatred of Green Arrow, he refused to use arrows that were green. Green Arrow stopped him once again and returned Raines to prison.
