Beware the mortgage fraudsters

With the invention and widespread use of the internet, millions of people gained access to information that before was unavailable or difficult to gather. It’s been a boon worldwide. Sadly, there are some that have used that same global access to try to promote themselves for nefarious purposes.

On December 30, 2011 we received an email, to M V Consulting president Michael Vass, from an Alastair Steadman. The email missed our spam filter, but was quickly identified as a likely attempt to bilk funds from unwary individuals. From time to time we further investigate these potential sharletans to expose them to the masses for what they are.

The letter from Mr. Steadman made a claim that was both grand and indicated huge rewards. It stated in part,

“I am writing to you because I know that you want social justice for all human beings…

My product is best illustrated by an example. Suppose you are a 25 year old American looking to buy your first house and you wish to raise $100K to do so. Let us look at two possible choices (to make the example simple): my product, which is called the Financial Asset Backed Product (the FAB Product) or an interest only mortgage (IOM) at 3.4% interest (the latter interest rate being historically very low and quite unusual). Firstly, you can have $100K, with no further costs to you at all (fees having already been paid) and no charge on your house, using the FAB Product, or, secondly, you can have $100K, with a first charge on your house for 25 years, fees to pay and $185K to pay over the next 25 years, using an IOM. I stress these aren’t figures just plucked from the air but are precisely calculated using sound, solid and irrefutable empirical evidence. I would hope that given the two choices above you would say that this is a no-brainer and you would choose the FAB Product…

I should add that my product will have a US patent…”

Note the starting phrase of “social justice”. A term used gratuitously in the US to envision a disbursement of wealth to those without wealth, and meant to gather the sympathies of the reader.

Throughout this email, at no time does Mr. Steadman reveal any detail of his financial services product. At no time does he reveal that he is a UK citizen, his corporate or physical address, a phone number, his credentials, or any proof that his product exists or is credible.

We sent Mr. Steadman a reply requesting exact details of the financial product, and informed him of this article.

We also did our homework. The only Alastair Steadman we could find that has submitted a patent, in the UK, for a product as described in the email is the managing director of Aruffens Foundation and The Life Code Company. This same individual has a profile on the little known Id4eaconnection.com where he states he has 2 degrees, neither financial, and was a member of the Royal Military.

We further determined that the only Alastair Steadman – that owns the above companies, did in fact file a patent on December 15, 2010 in the UK (GB1018464.6) which is noted prominently on the Aruffens Foundation website. The site does not note that no patent has been issued, and the UK government therefore has not lent any credibility to the claims of the company nor its creator.

In fact the Aruffens Foundation website is a plugin quick create site. Which says nothing about the company, other than it took a cheap and quick means to both host and create its website.

The Foundation was created in 1995. In the Terms of Use link a potentially helpful bit of information is as follows:

“The Aruffens Foundation neither guarantees that the website will be uninterrupted or without delay nor that it will be error-free or virus-free”

So the company not only made the site on the cheap, it apparently has done nothing to ensure the safe viewing of internet passersby. Which is not so important, except on this same site the Foundation requests donations from the public – with no guarantee of return or refund (but a vague promise to remember those who donated if any invention of the Foundation ever becomes reality and makes money). So it is quite possible that any donation is insecure and the financial data of anyone who might donate could be used for nefarious purposes.

We would expect that an individual with a Computer Science Degree, a First degree (equivalent in the US to a 4.0 BS) according to Steadman’s profile, would be capable of a bit more for a corporate profile and website.

We went further, and looked into The Life Code Company, also created by Alastair Duncan Steadman of Aruffens Foundation. This company was started in September 2, 2004. It is located at 9 SYR DAVIDS AVENUE CARDIFF UK. It has been dormant since September 30, 2010 and last filed a return in September 2010.

There was a statement of capital made in September 2011.

The only other information that can be found on this company was the following holding page for a website

Given this public information, we are left with a clear thought.

Our opinion is that Alastair Duncan Steadman, is using the internet and mass emails to try to generate income on vague “inventions” that are ill-described and lack all credibility.

We believe that Aruffens Foundation is the corporate front for a sham. It is designed poorly and without even old (by internet standards) safeguards. Any financial data given to this site could be reused for nefarious purposes. There is a vague promise of return on any investment (donation) made, without detail of what that return may be or when. if ever.

Aruffens Foundation lists “inventions” and a patent in an attempt to pursuade gullible and hopeful individuals into making donations without any details on what it is doing, how it is using the funds, or even where the organization resides.

The Life Code Company is even more vague and without credibility, in our view. While an address can be determined, it is not readily available. There is no public description of what services it provides or even what the purpose of the organization is. Its financial records are even more suspicious.

If Alastair Steadman can provide credible proof of his inventions and their viability, we might reconsider our opinion. But based on the lack of knowledge displayed by the websites of the company, its public statements of disregard for the internet viewer, and the apparent efforts to keep mysterious any and all activites and ownership, we severely doubt that any other conclusion can be made.

It is our opinion, based on research of public facts, that this is yet another scam designed and imported to the US to prey on those with few funds, and a lack of knowledge about the industries involved, via the legitimate concerns about the mortgage industry and global economic condition.

If you receive an email from Alastair Steadman, Aruffens Foundation, and/or The Life Code Company we recommend that you not only place it in spam and delete it, that you also blacklist all the above to prevent any future spam attempt.

These kinds of apparently malicious attempts to separate good people from their money need to be shown for what they are. We hope this has helped.

About the Author

Michael Vass
Born in 1968, a political commentator for over a decade. Has traveled the U.S. and lived in Moscow and Tsblisi, A former stockbroker and 2014 Congressional candidate. Passionate about politics with emphasis on 1st and 2nd Amendments.

1 Comment on "Beware the mortgage fraudsters"

  1. A response from Alastair Steadman was received. You can read that article here https://mvass.com/2012/01/16/response-from-alastair-steadman/

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