Tim, i don't believe that composite pieces are ALWAYS to be disapproved of. Sometimes a seller has a few various parts lying around that he slaps together for sale.
Sometimes a keris from one region may end up in the dress of anothet for completely legitimate cultural reasons. If one has moved form, say Jawa, to Bali, they might feel the need to dress their keris in accordance with local custom. Some keris make their way to different islands and trade items and are then dressed locally.
i am not so sure that your piece is composite. The blade is certainly not a well made piece, but it is a forged piece, so i would call it a keris. And Alam Shah is correct to point out that it has a nice pendokok and the sheath seems to be a nice wood. All in all i wouldn't go so far as to say you were mugged. You probably didn't pay too much more that the market value.