Albrecht Raines was an unsuccessful artist, who turned to counterfeiting money. He was first tracked down by Oliver Queen aka Green Arrow and Speedy because of counterfeiting, he was later apprehended for his poor use of color. As a result Raines crafted a set of colored arrows, sans the green colored arrow due to his adversary, and became an enemy of the Green Arrow, calling himself the Rainbow Archer.
At one point he was apprehended and off the streets for some time. After his release he once again crossed paths with Green Arrow and also sometimes worked together with other members of his rogues gallery. When he did some dirty work for a crime boss he was captured by Green Arrow and Black Canary.
He has since retired from crime.