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                                  EXHIBIT 10.17

                              EMPLOYMENT AGREEMENT

      THIS AGREEMENT made this 11th day of July, 2003, between VMF Capital,
L.L.C., an Iowa limited liability company, with its principal offices at 118 3rd
Avenue SE, Suite 700, Cedar Rapids, Iowa 52401, ("VMF"), and Scott D. Eltjes
("EMPLOYEE"); WITNESSETH:

      WHEREAS, EMPLOYEE possesses valuable skills in the investment advisory
services business which VMF wishes to retain; and

      WHEREAS, VMF has, over a substantial period of time and at considerable
expense, developed valuable expertise in the investment advisory services
business and has developed commercially valuable patronage and goodwill with
many clients, and has made EMPLOYEE privy to confidential information and to
permit EMPLOYEE to deal with its clients, in reliance upon EMPLOYEE's
recognition and acknowledgment that its confidential information is unique, of
significant value to and remains the property of VMF; and

      WHEREAS, it is the intent of VMF to protect and preserve the
confidentiality of its methods and operations and without EMPLOYEE agreeing to
the terms of this Agreement, VMF would not enter into this Agreement; and

      WHEREAS, EMPLOYEE is a member of high level management of VMF and the
responsibilities of EMPLOYEE's position include close contact with clients of
VMF, and access to extremely confidential information available only to a few
persons within VMF, and VMF has expended time, energy and effort to provide
training and confidential information to EMPLOYEE for the purpose of assisting
EMPLOYEE to more effectively represent VMF, which confidential information
specifically includes client contact information and information that has and
will continue to assist EMPLOYEE in the development of client relationships for
the benefit of VMF and which could easily be used in competition with and to the
substantial detriment of the legitimate business interests of VMF.

      Therefore, in consideration of EMPLOYEE's employment pursuant to this
Agreement, and for other good and valuable consideration provided or to be
provided to EMPLOYEE, it is agreed as follows:

      SECTION 1. TERM. VMF agrees to employ EMPLOYEE, and EMPLOYEE agrees to be
employed and perform the duties referred to in paragraph 2 below for a term from
July 11, 2003 through September 30, 2008 (the "Initial Term") or until such time
as EMPLOYEE's employment is terminated by VMF or EMPLOYEE voluntarily terminates
employment hereunder. At the end of the Initial Term and any Renewal Term, this
Agreement shall automatically renew for additional one (1) year terms (each a
"Renewal Term"), unless VMF gives EMPLOYEE notice of nonrenewal no less than
sixty (60) days prior to the end of the Initial Term or any succeeding Renewal
Term.

      SECTION 2. DUTIES. EMPLOYEE shall be responsible for providing such
services as shall be mutually agreed upon by VMF and EMPLOYEE. All such services
shall be performed to the best of EMPLOYEE's ability on a full time basis (at
least forty (40) hours per week), normal vacation time excluded, all as provided
for in a manner consistent with VMF's current employment practices. EMPLOYEE
shall not engage in outside business activities, except as may be authorized
from time to time by VMF. Nothing in this Section 2 shall preclude Employee from
investments in other enterprises as long as the time spent thereon by EMPLOYEE
is substantially outside normal business hours and does not interfere with
EMPLOYEE's duties under this Agreement.

      SECTION 3. COMPENSATION. As Compensation for the performance of the
Services rendered by EMPLOYEE pursuant to this Agreement, VMF shall pay EMPLOYEE
a base Salary of One Hundred Fifty Thousand Dollars ($150,000.00) for each year
of the Initial Term, at such times and in such increments as shall be consistent
with VMF's normal and customary payroll practices. Employee's Salary for each
Renewal Term shall be determined by mutual agreement of VMF and EMPLOYEE. All
Salary paid hereunder shall be subject to all applicable federal and state
payroll and withholding taxes.

      Upon the termination of EMPLOYEE's employment hereunder the following
payments shall be made:

      a.    If such termination is due to Employee's death or disability,
            EMPLOYEE (or EMPLOYEE's estate in the event of EMPLOYEE's death),
            shall be entitled to payment of all Salary accrued but unpaid as of
            the date of EMPLOYEE's death or the last day EMPLOYEE provides
            services to VMF. For purposes hereof, "disability" shall mean
            EMPLOYEE's inability, due to a mental or physical condition, to
            perform the usual and customary duties of his employment with VMF
            pursuant to this Agreement, as determined by a licensed physician
            selected by VMF, whose determination shall be final and binding on
            VMF and EMPLOYEE.

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      b.    If EMPLOYEE voluntarily terminates employment with VMF for any
            reason, EMPLOYEE shall be entitled to payment of all Salary accrued
            but unpaid as of the last day EMPLOYEE provides services to VMF.

      c.    If EMPLOYEE's employment is terminated for "cause" (as hereinafter
            defined), EMPLOYEE shall only be paid Salary accrued as of the date
            of such termination, and all other Salary shall be forfeited.

      d.    If EMPLOYEE's employment is terminated by VMF for any reason other
            than "cause", the Salary payable to EMPLOYEE shall be the base
            salary of EMPLOYEE pursuant to Section 3 for the balance of the
            remaining term of this Agreement.

      e.    If EMPLOYEE's employment is terminated (whether by action of VMF or
            voluntarily by EMPLOYEE) following a "change of control" (as
            hereinafter defined), EMPLOYEE shall be paid all Salary accrued as
            of the date of such termination, and all of the EMPLOYEE's Salary
            for the remaining term of this Agreement.

      For purposes of this Agreement, the term "cause" shall mean gross
misconduct, including moral turpitude damaging to VMF's reputation, serious
violation of law or regulations, or breach of fiduciary duty owed to VMF, and
the term "change of control" shall mean a transaction or series of transactions
in which fifty percent (50%) or more of the voting interests of the entity which
is ultimate owner of VMF is acquired by or for a person or business entity.

      In all events, EMPLOYEE shall be entitled to COBRA benefits in accordance
with applicable federal and state law, and shall be paid for any unused vacation
or sick pay in accordance with applicable federal and state law. Further,
EMPLOYEE shall be entitled to purchase any life insurance policies which VMF
owns and which insure the life of the EMPLOYEE for an amount equal to the cash
surrender value of such policy(ies).

      SECTION 4. BENEFITS. EMPLOYEE shall be entitled each year to those
employment-related benefits provided to EMPLOYEE prior to the date hereof,
including, without limitation, health and dental insurance, group term life
insurance, group disability insurance, qualified retirement plan contributions,
automobile allowance, vacation, and sick pay. EMPLOYEE shall also be included in
any equity-based (e.g., incentive stock options, nonqualified stock options,
phantom stock plans, stock bonus plans, etc.) compensation arrangements
established by VMF at any time during the Initial Term or any Renewal Term of
this Employment Agreement. Notwithstanding the foregoing, in the event of the
assignment of this Agreement pursuant to Section 13, EMPLOYEE shall receive only
those employment-related benefits which are provided to key management employees
of the assignee and the Affiliates of the assignee. "Affiliate" shall mean a
person that directly, or indirectly through one or more intermediaries, controls
or is controlled by, or is under common control with, the person specified.

      SECTION 5. CONFIDENTIAL INFORMATION. During and after EMPLOYEE's
employment with VMF, neither EMPLOYEE nor anyone acting on EMPLOYEE's behalf,
will directly or indirectly use or disclose to any person, firm, corporation or
other entity any "Confidential Information" (defined to include trade secrets or
confidential information belonging to VMF or any information belonging to it
that has not already been made publicly available by VMF) to which EMPLOYEE has
access or learned from VMF or any of its employees, unless VMF specifically
instructs or authorizes EMPLOYEE in writing to do so. Such Confidential
Information shall include but not be limited to marketing practices, sales
methods, promotional and advertising plans and programs; trade secrets developed
and employed, research and development and other test data; identity of and
agreements or arrangements with clients; sales, cost, profit and other financial
data; and computer application and operational software, hardware and business
systems design, controls and procedures.

      All ideas, processes, designs, discoveries, inventions, computer programs,
improvements, concepts, written material, and related know-how, whether or not
patentable or entitled to trademark, copyright or other protection, which
EMPLOYEE conceives, produces or makes alone or jointly with others during
EMPLOYEE's employment by VMF, or at any time thereafter if EMPLOYEE use
Confidential Information, and which in any way relate to the business or
activities of VMF, whether or not made or conceived of during EMPLOYEE's hours
of employment or with the use of VMF's facilities, materials or personnel, are
and shall be the sole and exclusive property of VMF, and EMPLOYEE will promptly
and fully disclose such matters to VMF. EMPLOYEE will make adequate written
records of such matters, which, also, shall remain the property of VMF.

      During and after EMPLOYEE's employment at VMF, EMPLOYEE will not remove or
cause to be removed from its premises, for purposes other than work EMPLOYEE
performs for VMF, any VMF materials or property, including documents or
materials created, discovered or developed by EMPLOYEE and belonging to VMF,
unless VMF instructs or authorizes EMPLOYEE in writing to do so.

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      Upon termination of EMPLOYEE's employment at VMF, for whatever reason and
regardless of circumstances, EMPLOYEE will immediately return and surrender to
VMF all documents, notebooks, records, and copies of such things, as well as any
and all other property which belongs to VMF, its subsidiaries or Affiliates,
including but not limited to such property containing, setting forth, or
referring to Confidential Information or inventions. EMPLOYEE also agrees not to
make or retain any copy of such materials.

      SECTION 6. COVENANT NOT TO COMPETE. Until the first anniversary of the
termination of EMPLOYEE's employment with VMF, EMPLOYEE will not, without prior
written consent of VMF, directly or indirectly, own, manage, operate, control or
participate in the ownership, management, operation or control of, or be
connected as an officer, employee, partner, director, consultant, independent
contractor or otherwise with, or have any financial interest or other pecuniary
interest in any other corporation, partnership, limited liability company or
other business association, organization or entity or person of any kind
whatsoever (a "Competing Business") that competes or plans to compete with VMF
or its Affiliates in any line of business engaged in by VMF or any of its
Affiliates within the United States. Notwithstanding the foregoing, ownership,
for passive personal investment purposes only, of less than 5% of the voting
stock of any publicly held corporation shall not constitute a violation hereof.

      While employed by VMF or any of its Affiliates and until the first
anniversary of the termination of EMPLOYEE's employment with VMF, EMPLOYEE will
not, directly or indirectly, on behalf of EMPLOYEE or any other person
(including a Competing Business), solicit for employment or employ any person
who was employed by or had a marketing relationship with VMF or its Affiliates
within one year prior to EMPLOYEE's termination of employment.

      While employed by VMF or any of its Affiliates and until the first
anniversary of the termination of EMPLOYEE's employment, EMPLOYEE will not,
directly or indirectly, on behalf of EMPLOYEE or any other person (including a
Competing Business), solicit or otherwise seek to enter into an Investment
Advisory Agreement, brokerage agreement or similar arrangement with any person
who is, or at any time within one year prior to the EMPLOYEE's termination of
employment has been a client or actively solicited prospective client of VMF or
its Affiliates.

      SECTION 7. INJUNCTIVE RELIEF. EMPLOYEE acknowledges that a breach of any
of the provisions of this Agreement may result in continuing and irreparable
damages to VMF for which there may be no adequate remedy at law and that VMF, in
addition to all other relief available, shall be entitled to the issuance of
injunctive relief restraining EMPLOYEE from committing or continuing any breach
of this Agreement. In the event of breach of the provisions of paragraphs 5 or
6, the period will commence anew from the date of last breach.

      SECTION 8. SEVERABILITY. If any provision of this Agreement shall be
determined by a court having jurisdiction to be invalid, illegal, enforceable or
overbroad, the remainder of the agreement or provision shall be deemed to be
fully enforceable and the court shall specifically have authority to tailor or
narrow any such overbroad term so as to render it and the remainder of the
agreement enforceable.

      SECTION 9. ATTORNEY FEES. If legal proceedings are brought to enforce,
interpret or for damages for failure to abide by this Agreement, the prevailing
party shall be entitled to recover reasonable attorney fees, including appellate
attorney fees, to be charged as part of the court costs in such proceedings, and
to be paid by the losing party.

      SECTION 10. EXPENSES. EMPLOYEE shall also be entitled to prompt
reimbursement for all reasonable expenses necessarily incurred by him in the
performance of EMPLOYEE's duties upon the presentation of a voucher indicating
the amount paid and the business purposes.

      SECTION 11. INDEMNITY. VMF shall indemnify EMPLOYEE and hold EMPLOYEE
harmless for all acts or decisions made by EMPLOYEE in good faith while
performing services for VMF, and shall pay all expenses, including attorney
fees, actually and necessarily incurred by EMPLOYEE in connection with the
defense of any lawsuit or proceeding, and in connection with any related appeal,
including the costs of court settlements.

      SECTION 12. CHOICE OF LAW AND VENUE. This Agreement shall be construed
according to the laws of the State of Iowa.

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      SECTION 13. SUCCESSORS AND ASSIGNS. This agreement shall inure to the
benefit of, and be binding upon (a) VMF, its successors and assigns, including
without limitation, any corporation or other entity (and Affiliates of such
corporation or other entity) which may acquire all or substantially all of VMF's
assets and business or into which VMF may be consolidated or merged and which
assumes the obligations of VMF hereunder, and (b) EMPLOYEE, EMPLOYEE's heirs,
executors administrators and legal representatives. EMPLOYEE may assign
EMPLOYEE's right to payment hereunder, but not the EMPLOYEE's obligations under
this Agreement.

      SECTION 14. NOTICES. Any notice required or desired to be given pursuant
to this Agreement shall be in writing and given either in person with the
recipient signing and dating an acceptance or by mailing by certified mail,
return receipt requested, to the parties at the following addresses:

      VMF:              VMF Capital,L.L.C.
                        118 Third Avenue SE,Suite 700
                        Cedar Rapids, Iowa 52401

      EMPLOYEE:         Scott D. Eltjes,CFA,FLMI
                        VMF Capital, L.L.C.
                        1370 NW 114th St.SE
                        Suite 202
                        Clive,IA 50325

or the then current address of either party according to the records of VMF.

      SECTION 15. ENTIRE AGREEMENT. This Agreement supersedes any and all prior
agreements and understandings, either oral or written, between the parties
relative to EMPLOYEE providing Transition Services to VMF. This Agreement cannot
be modified or changed by any oral or verbal promises by whomsoever made; nor
shall any written modification of it be binding on VMF until such written
modification shall have been approved in writing by the Board of Directors of
VMF.

      IN WITNESS WHEREOF, VMF and EMPLOYEE have entered into this Agreement on
the date set forth above.

                            /s/ Scott D. Eltjes
                            -------------------------
                            Scott D. Eltjes, EMPLOYEE

                            VMF CAPITAL, L.L.C.

                            /s/ Donald Flynn
                            -----------------
                            President

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