Annatar the Deceiver

Annatar was known as the Lord of Gifts, appearing to the Elven Smiths convincing them he was sent forth from the Valar on a mission to council them in the arts of magic. Through his charm and fair visage he was gladly received by many. The Elven smiths befriended him and learned much from his teachings. . . too much perhaps. At the height of their learning, they forged 19 magical rings, each holding powers to govern.

Three Rings for the Elven-kings under the sky,
Seven for the Dwarf-lords in their halls of stone,
Nine for Mortal Men doomed to die,

Nearly a decade after the Rings were forged and given out by Annatar, he secretly forged another ring, pouring into it his own power and life force. This ring was the master ring, holding power over all the others... One ring to Rule them all, one ring to find them, one ring to bring them all and in the darkness bind them... Once this ring was made, the elves suddenly became aware that they had been deceived. Annatar, lord of Gifts was in truth, the dark lord Sauron, now the Lord of the Rings... They immediately removed their rings, as to not be enslaved to his power, keeping them secret until the day that The One Ring was cut from Sauron's hand.