Raney was a corporal in the United States Marines in 1988, stationed at the Marine Corps Air Station in Yuma, Arizona. In December of that year, he was in training at the United States Navy base in Millington, Tennessee. He disappeared on December 19, 1988.

Raney had fallen in love with an exotic dancer from the area. On December 19, he went to her trailer home and met her boyfriend, who asked him to come inside. Raney did so and has never been heard from again. Several days later, his car was found parked in a Wal-Mart parking lot behind the trailer park. Bloodstains were inside it. The blood was Rainey's type, but DNA testing was unavailable in 1988 so it couldn't be confirmed that it was his blood.

The exotic dancer's boyfriend was found to possess some of Raney's belongings, including his scuba gear, boots and watch, after his disappearance. He also gave gifts to the dancer that Raney had bought. Authorities were preparing to charge the man with Raney's murder in 2005, but then he died of cancer. He remains the prime suspect in Raney's disappearance.

Raney is listed as a deserter from the Marines, but foul play is suspected in his case. Investigators believe he was killed and buried in the Millington area. His disappearance remains unsolved.