The first Spymaster was a mercenary with technologically advanced weaponry. He was assisted by an organization known as the Espionage Elite, and was hired to infiltrate Stark International in order to steal Tony Stark's technological secrets. This brought him into conflict with Stark's alter ego, Iron Man. Spymaster eventually succeeded in stealing many of Iron Man's armor designs (and possibly discovering his secret identity) which he sold to Stark's business rival, Justin Hammer. This would initiate the Armor Wars in which Iron Man began to hunt down individuals and organizations that used his stolen technology.
Spymaster first appeared in Iron Man #33 in 1971 and was created by Allyn Brodsky and Don Heck.
Mayor Story Arcs
Later, Spymaster would attempt to assassinate the villain known as the Ghost, but Iron Man would intervene. The Ghost offered Spymaster one of his intangibility devices to escape but deactivated it while Spymaster was still phasing through a wall, killing him instantly. Despite his ultimate demise, the true identity of the first Spymaster remains a secret to this day.
Norman Osborn had a chauffeur whom he told to know that this person was in fact the original Spymaster. Osborn told him he knew he had faked his death so many years ago during a battle with Iron Man villain, the Ghost. He ordered Spymaster to steal something for him, and after that he could return to the annonimousy he was in before. Spymaster did what was asked of him but seemed to die at the end of the mission. Norman once again had no idea where Spymaster was, but did not believe him to actually have died. Whether this person was in fact the original Spymaster remains to be seen.