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                                                                   Exhibit 10.15

               Employment Agreement Dated November 11, 2003 by and
                      between Arthur Stern and the Company

                              EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT ("Agreement"), dated as of the 11th day of November,
2003 by and between ASTA FUNDING, INC., a Delaware corporation, with offices at
210 Sylvan Ave., Englewood Cliffs, NJ 07632 (the "Company") and ARTHUR STERN, an
individual residing at 3333 Henry Hudson Parkway, Riverdale, New York 10463 (the
"Employee")

                               W I T N E S E T H:

WHEREAS, the parties desire to enter this Agreement to set forth the terms of
the Employee's continued employment by the Company.

NOW, THEREFORE, in consideration of the mutual premises and covenants set forth
herein and for other good and value consideration, the receipt, adequacy and
legal sufficiency of which are hereby acknowledged, the Company and the Employee
mutually agree as follows:

         1.       Employment Duties.

                  (a)      Employment. The Company agrees to continue to employ
                           the Employee, and the Employee agrees to accept
                           continued employment with the Company, on the terms
                           and conditions set forth in this Agreement.

                  (b)      Scope of Duties. During the Employment Period (as
                           defined herein), the Employee shall devote his
                           business time, attention and energy to the business,
                           and to seeking improvement in the profitability, of
                           the Company. During the Employment Period, the
                           Employee shall serve as Executive Vice President of
                           the Company and its subsidiaries and shall have the
                           authority to perform and shall perform all of the
                           duties that are customary for the office of Executive
                           Vice President of the Company, subject at all times
                           to the control and direction of the President and the
                           Board of Directors of the Company, and shall perform
                           such services as typically are provided by the
                           Executive Vice President of a corporation and such
                           other services consistent therewith as shall be
                           assigned to him from time to time by the President or
                           the Board of Directors of the Company. Employee shall
                           also continue to serve as Chairman of the Board of
                           Directors of the Company for such period as he
                           continues to be duly elected to such position by the
                           shareholders of the Company.

                  (c)      Service. During the Employment Period, the Employee
                           shall perform his duties in a diligent manner; shall
                           not engage in activities which are or could be
                           detrimental to the existing or future business of the
                           Company and its subsidiaries; and shall observe and
                           conform to all laws, customs, and standards of
                           business ethics and honest business practices. The
                           Employee shall be requested, and does hereby agree,
                           to be a full time employee of the Company during the
                           Employment Period. During the Employment Period, the
                           Employee shall not engage in any other business
                           activity which, in the reasonable judgment of the
                           Company's Board of Directors, conflicts with the
                           duties of the Employee hereunder, whether or not such
                           activity is pursued for gain, profit or other
                           pecuniary advantage; provided, however, that it is
                           understood that this Section 1(c) shall not preclude
                           the Employee from making passive investments in other
                           companies or from serving as Vice President of Asta
                           Group, Inc.

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                  (d)      Professional Standards. Recognizing and acknowledging
                           that it is essential for the protection and
                           enhancement of the name and business of the Company
                           and its subsidiaries and the good will pertaining
                           thereto, the Employee shall perform his duties under
                           this Agreement professionally and in accordance with
                           the standards established by the Company from time to
                           time; and the Employee shall not act, and shall
                           refrain from acting, in any manner that could harm or
                           tarnish the name, business or income of the Company
                           and its subsidiaries or the good will pertaining
                           thereto.

         2.       Compensation.

                  (a)      Base Salary. For all services rendered by the
                           Employee during the Employment Period, the Company
                           shall pay the Employee a base salary ("Base Salary")
                           in the amount of $300,000 on an annualized basis,
                           payable in accordance with the Company's customary
                           payment policies and periods. The Employee's Base
                           Salary may be increased as determined by the Board of
                           Directors of the Company in its sole discretion.

                  (b)      Bonuses. During the Employment Period, the Employee
                           shall be eligible to receive bonuses as determined by
                           the Board of Directors of the Company in its sole
                           discretion.

                  (c)      Stock Options. During the Employment Period, the
                           Employee shall be eligible to receive stock options
                           as determined by the Board of Directors of the
                           Company in its sole discretion.

                  (d)      Benefits. During the Employment Period, the Employee
                           and/or the Employee's dependents, as the case may be,
                           shall be entitled to participate (subject to
                           eligibility requirements) in the employee benefit
                           plans generally available to other similarly situated
                           employees of the Company and the Employee shall be
                           entitled to the fringe benefits and perquisites made
                           generally available to other similarly situated
                           employees of the Company. The Company reserves the
                           right to modify, change or terminate its benefit
                           plans, fringe benefits and perquisite plans and
                           programs from time to time in the discretion of the
                           Board of Directors of the Company.

                  (e)      Vacation. During the Employment Period, the Employee
                           shall be entitled to an annual vacation of fifteen
                           (15) working days for each full calendar year of
                           employment hereunder, which may be taken all at once
                           or from time to time; provided, however, that: (i)
                           the Employee shall schedule such vacation time so as
                           to mitigate the adverse effects to the Company of the
                           Employee's absence; (ii) the Employee shall give the
                           Company at least thirty days (30) days notice of
                           consecutive vacation days in excess of five (5) to be
                           taken by the Employee at any one time; and (iii) up
                           to one (1) week unused vacation time during the
                           calendar year may be carried over and used by the
                           Employee in the following calendar year.


<PAGE>

         3.       Non-Competition.

                  (a)      In view of the Employee's knowledge of the trade
                           secrets and other proprietary information relating to
                           the business of the Company, its subsidiaries and
                           their respective customers which the Employee has
                           heretofore obtained and is expected to obtain during
                           the period the Employee is employed under this
                           Agreement (the "Employment Period"), and in
                           consideration of the Employee's employment hereunder,
                           the Employee agrees: (i) that he will not during the
                           Employment Period Participate In (as such term
                           hereinafter defined) any other business or
                           organization if such business or organization now is
                           or shall then be competing with or be of a nature
                           similar to the business of the Company or its
                           subsidiaries; and (ii) (A) for a period of twelve
                           (12) months after the Termination Date (as defined in
                           Section 6) due to a termination of this Agreement for
                           Cause (as defined herein) or (B) for such period as
                           the Company shall continue to pay to the Employee his
                           Base Salary and health insurance benefits in
                           accordance with Section 8(b) after a termination of
                           the Employee's employment Without Cause (as defined
                           below) or for Disability (as defined below), he will
                           not, in any geographic area in which the Company or
                           any of its subsidiaries does business as of the
                           Termination Date, compete with or be engaged in the
                           same business as, or Participate In, any other
                           business or organization which competes with or is
                           engaged in the same business as the Company or its
                           subsidiaries with respect to any service offered or
                           activity engaged in up to the Termination Date,
                           except that in each case the provisions of this
                           Section 3 will not be deemed breached merely because
                           the Employee owns not more than 2% of the outstanding
                           common stock of a corporation, if, at the time of its
                           acquisition by the Employee, such stock is listed on
                           a national securities exchange, is reported on
                           NASDAQ, or is regularly traded in the
                           over-the-counter market by a member of a national
                           securities exchange.

                  (b)      The term "Participate In" shall mean: "directly or
                           indirectly, for his own benefit or for the benefit of
                           any other enterprise, own, manage, operate, control
                           or loan money to (provided that an investment in debt
                           instruments issued pursuant to an effective
                           registration statement under the Securities Act of
                           1993, as amended shall not be deemed to be a loan),
                           or participate in the ownership, management,
                           operation, or control of, or be connected as a
                           director, officer, employee, partner, agent, or
                           otherwise with, or acquiesce in the use of his name
                           in."

                  (c)      During the Employment Period and, in the case of the
                           termination of the Employee's employment for Cause
                           only, for a period one (1) year after the Termination
                           Date, the Employee will not directly or indirectly:

                           (i)      Reveal the name of, solicit, use or
                                    interfere with, or endeavor to entice away
                                    from the Company (or any of its
                                    subsidiaries) any of their customers,
                                    vendors, or employees; or

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                           (ii)     Employ or engage any person or entity who or
                                    which, at any time up to the Termination
                                    Date, was an employee or agent of the
                                    Company or its subsidiaries without the
                                    prior written consent of the Company.

                  (d)      The Employee agrees that the provisions of this
                           Section 3 and Sections 4 and 5 are necessary and
                           reasonable to protect the Company in the conduct of
                           its business. If any restriction contained in this
                           Section 3 or in Sections 4 or 5 shall be deemed by a
                           court of competent jurisdiction to be invalid,
                           illegal, or unenforceable by reason of the extent,
                           duration, or geographical scope thereof, or
                           otherwise, then the court making such determination
                           shall have the right to reduce such extent, duration,
                           geographical scope, or other provisions hereof, and
                           in its reduced from such restriction shall then be
                           enforceable in the manner contemplated hereby.


         4. Confidential Information. All confidential information which the
Employee may now possess, may obtain during or after the Employment Period, or
may create prior to the end of the Employment Period relating to the business of
the Company or its subsidiaries or of any of their respective customers or
vendors shall not be published, disclosed, or made accessible by him to any
other person, firm, corporation or entity, either during or after the Employment
Period or used by him during or after the Employment Period (except in the
business and for the benefit of the Company or its subsidiaries), without the
prior written consent of the Company. The Employee shall return all tangible
evidence of such confidential information to the Company prior to or at the end
of the Employment Period.

         5. Rights of the Company.

                  (a)      Any interest in copyrights, copyrightable works,
                           developments, discoveries, designs and processes,
                           patents, patent applications, inventions and
                           technological innovations (collectively,
                           "Inventions") which the Employee (i) owns, conceives
                           of or develops, alone or with others, (A) relating to
                           the business of the Company or its subsidiaries or
                           any business in which the Company (or its
                           subsidiaries) contemplates being engaged or (B) which
                           anticipate research or development of the Company or
                           its subsidiaries, or (ii) conceives of or develops
                           utilizing the time, material, facilities or
                           information of the Company or its subsidiaries, in
                           either case during the Employment Period, shall
                           belong to the Company.

                  (b)      As soon as the Employee owns, conceives of or
                           develops any Invention, the Employee shall
                           immediately communicate such fact in writing to the
                           Board of Directors of the Company. Upon the request
                           of the Company, the Employee shall, without further
                           compensation but at the Company's expense (subject to
                           clause (i) below) execute all such assignments and
                           other documents (including applications for
                           trademarks, copyrights and patents and assignments
                           thereof) and take all such other action as the
                           Company may reasonably request, including obtaining
                           spousal consents or waivers, (i) to vest in the
                           Company all right, title and interest of the Employee
                           in and to such Inventions, free and clear of all
                           liens, mortgages, security interests, pledges,
                           charges and encumbrances ( the Employee to take such
                           action, at his expense, as is necessary to remove all
                           such liens) and (ii) if patentable or copyrightable,
                           to obtain patents or copyrights (including extensions
                           and renewals) therefore in any and all jurisdictions
                           in and outside the United States in the name of the
                           Company or in such other names(s) as the Company
                           shall determine.

<PAGE>

         6. Employment Period. The Employment Period shall commence on the date
of this Agreement and shall continue for a three year period ending on November
10, 2006, or such earlier date on which any of the following events occurs (the
"Termination Date"):

                  (a)      the death of the Employee;

                  (b)      the voluntary resignation of the Employee;

                  (c)      the termination by the Board of Directors of the
                           Employee's employment for Disability (as hereinafter
                           defined);

                  (d)      the termination by the Board of Directors of the
                           Employee's employment for Cause (as hereinafter
                           defined); or

                  (e)      the termination by the Board of Directors of the
                           Employee's employment Without Cause (as hereafter
                           defined)

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         7.       Definitions Relating to Termination

                  (a)      Disability

                           The term "Disability" shall mean any physical or
                           mental condition of the Employee which, in the
                           reasonable discretion of the Board of Directors,
                           after consultation with the Employee's physician,
                           materially impairs the Employee's ability to render
                           the services to be performed by him hereunder for a
                           period of 180 consecutive days or for at least 240
                           days in any consecutive 360 day period.

                  (b)      Cause

                           The term "Cause" shall mean the good faith finding by
                           the Board Directors of the Company upon resolution
                           adopted by it of the existence of any one of the
                           following:

                  (i)      The Employee's failure or refusal to perform specific
                           written directives consistent with his duties and
                           responsibilities as set forth in Section 1 hereof,
                           which lack of performance is not cured within 15 days
                           after written notice thereof or 30 days if at the
                           15th day and thereafter the Employee is diligently
                           attempting to cure;

                  (ii)     Conviction of a felony or of any crime involving
                           moral turpitude or fraud;

                  (iii)    The commission by the Employee of any willful or
                           intentional act which the Employee reasonably should
                           have contemplated would have the effect of injuring
                           the reputation, financial condition, business or
                           business relationships of the Company (and its
                           subsidiaries, individually or taken as a whole)
                           and/or the Employee; or

                  (iv)     Any material breach (not covered by any of the
                           clauses (i) through (iii) hereof) of any of the
                           provisions of this Agreement, if such breach is not
                           cured within 30 days after written notice thereof to
                           by the Board of Directors.

                  (c)      Without Cause

                           The term "Without Cause" shall mean a determination
                           of the Board of Directors to terminate the Employee
                           for any reason other than death, Disability or for
                           Cause.

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         8. Effect of Termination

                  (a)      If the Employee's employment is terminated by the
                           Company for Cause or the Employment Period expires,
                           then the Employee shall be paid the Employee's Base
                           Salary and other benefits hereunder through the
                           Termination Date and the Company shall have no
                           further obligations to the Employee.

                  (b)      If the Employee's employment is terminated Without
                           Cause, for Disability or upon the Employee's death,
                           then (i) the Employee or his estate, as applicable,
                           shall continue to be paid the Employee's Base Salary
                           through November 10, 2006, and (ii) the Company shall
                           continue to provide to the Employee and his eligible
                           dependents health insurance coverage through November
                           10, 2006.

                  (c)      Irrespective of the basis for the termination of the
                           Employee's employment with the Company, all benefits
                           (including fringe benefits), if any, due the Employee
                           hereunder shall cease as of the Termination Date,
                           other than (i) COBRA rights which shall continue to
                           the extent provided thereunder, (ii) Base Salary, if
                           applicable, to the extent provided in Section 8(b),
                           (iii) health insurance coverage, if applicable, to
                           the extent provided in Section 8(b), and (iv) rights
                           under any stock options the Employee may have been
                           granted.

         9. Arbitration. Except with respect to the Company's right to seek
injunctive or equitable relief, any controversy, dispute, or claim between the
Employee and the Company arising out of or relating to this Agreement, the
Employee's employment by the Company, the cessation of the Employee's employment
with the Company, or any matter relating to the foregoing, shall be submitted to
and settled by arbitration in the State of New Jersey, in accordance with the
then current rules of the American Arbitration Association or any successor
thereto. Within ten (10) days after a request for arbitration by one party to
the other, the Company and the Employee shall each select one arbitrator. Within
ten (10) days after the second of such arbitrators has been selected, the two
arbitrators thereby selected shall choose a third arbitrator who shall be the
Chairman of the panel. If the first two arbitrators selected cannot agree upon a
third arbitrator, the American Arbitration Association shall name the third
arbitrator. The arbitrators may grant injunctions or other relief in such
dispute or controversy. In the arbitration, the parties shall be entitled to
pre-hearing discovery. The decision of the arbitrators shall be final,
conclusive and binding on the parties to the arbitration. In connection with
such arbitration and the enforcement of any award rendered as a result thereof,
the parties hereto irrevocably consent to the personal jurisdiction of the
federal and state courts located in New Jersey, and further consent that any
process or notice of motion or other application to the said Courts or Judges
thereof may be served inside or outside the State of New Jersey by registered
mail or personal service, provided a time period of at least twenty (20) days
for appearance is allowed. The Company shall not be required to seek injunctive
relief from the arbitrators but may seek such injunctive relief in a court
proceeding. The terms of this Section 9 shall apply to all disputes,
controversies and claims, including, without limitation, any rights or claims
the Employee may have under the Age Discrimination in Employment Act of 1967,
Title VII of the Civil Rights Act of 1954, the Equal Pay Act, or any other
federal, state, or local laws, rules or regulations relating to employment
discrimination or otherwise in any way pertaining to the Employee's employment
or termination thereof. This Section 9 shall survive the termination (by
expiration or otherwise) of this Agreement.


<PAGE>

         10. Modification. This Agreement sets forth the entire understanding of
the parties with respect to the subject matter hereof, supersedes all existing
agreements between them concerning such subject matter, and may be modified only
by a written instrument duly executed by each party.

         11. Notices. Any notice or communication to be given hereunder by any
party to the other shall be in writing and shall be deemed to have been given
when personally delivered or transmitted by facsimile, or three (3) days after
the date sent by registered or certified mail, postage prepaid, as follows:

                  (a)      if to the Company, addressed to it at:

                           210 Sylvan Avenue
                           Englewood Cliffs, NJ  07632
                           Attention: Chairman

                           with copies to:

                           Lowenstein Sandler P.C.
                           65 Livingston Avenue
                           Roseland, NJ  07068
                           Attn: John D. Schupper, Esq.

                  (b)      If to the Employee, addressed to him at:

                           3333 Henry Hudson Parkway
                           Riverdale, New York  10463

                           or to such other persons or addresses as may
                           be designated in writing by the party to
                           receive such notice.

         12. Waiver. Any waiver by either party of a breach of any provision of
this Agreement shall not operate as or be construed to be a waiver of any other
breach of such provision or of any breach of any other provision of this
Agreement. The failure of a party to insist upon strict adherence to any term of
this Agreement on one or more occasions shall not be considered a waiver or
deprive that party of the right thereafter to insist upon strict adherence to
that term or any other term of this Agreement. Any waiver must be in writing.

         13. Assignment. The Employee's rights and obligations under this
Agreement shall not be transferable by assignment or otherwise. The Company may
assign its rights and obligations hereunder to any of its subsidiaries or
affiliates. The Company will provide notice of such assignment to the Employee.

         14. Successors and Assigns. The provisions of this Agreement shall be
binding upon and inure of the benefit of the Employee and his heirs and personal
representatives, and shall be binding upon the Company and inure to the benefit
of the Company, its subsidiaries and affiliates and their respective successors
and assigns.

         16. Headings. The headings in this Agreement are solely for the
convenience of reference and shall be given no effect in the construction or
interpretation of this Agreement.


<PAGE>

         17. Injunctive Relief. As it would be very difficult to measure the
damages, which would result to the Company from a breach of any of the covenants
contained in Section 3, 4 or 5 of this Agreement, in the event of such a breach,
the Company shall have the right to have such covenants specifically enforced by
a court of competent jurisdiction. The Employee hereby recognizes and
acknowledges that irreparable injury or damage shall result to the business of
the Company in the event of a breach or threatened breach by the Employee of the
terms and provisions of Section 3, 4 or 5. Therefore, the Employee agrees that
the Company shall be entitled to an injunction-restraining the Employee from
engaging in any activity constituting such breach or threatened breach. Nothing
contained herein shall be construed as prohibiting the Company from pursuing any
other remedies available to the Company at law or in equity for such breach or
threatened breach, including, but not limited to, recovery of damages from the
Employee and, if the Employee is still employed by the Company, terminating the
employment of Employee in accordance with the terms and provisions hereof.

         18. Governing Law. Any and all claims, controversies or actions arising
out of this Agreement or the Employee's employment with the Company, including,
without limitation, tort claims, shall be governed by and construed in
accordance with the laws of the State of New Jersey, without reference to choice
of law principles thereof.

         19. Attorney's Fees. If a legal action or other proceeding is brought
for enforcement of this Agreement because of an alleged dispute, breach,
default, or misrepresentation in connection with any of the provisions of this
Agreement, the successful or prevailing party shall be entitled to recover
reasonable attorney's fees and cost incurred, in addition to any other relief to
which they may be entitled.

         20. Severability. The provisions of this Agreement are severable and
should any provision hereof be void, voidable or unenforceable under any
applicable law, such void, voidable or unenforceable provision shall not affect
or invalidate any other provision of this Agreement, which shall continue to
govern the relative rights and duties of the parties as though the void,
voidable or unenforceable provision were not a part hereof.

         21. Survival. All warranties, representations, indemnities, covenants
and other agreements of the parties hereto shall survive the execution, delivery
and termination of this Agreement and shall, notwithstanding the execution,
delivery and termination of this Agreement, continue in full force and effect.

         22. Acknowledgment. The Employee specifically acknowledges that: the
Employee has read and understands all of the terms of this Agreement; in
executing this Agreement, the Employee does not rely on any inducements,
agreements, promises or representations of the Company or any agent of the
Company, other than the terms and conditions specifically set forth in this
Agreement; the Employee has had an opportunity to consult with independent
counsel with respect to the execution of this Agreement; and that the Employee
has made such investigation of the facts pertaining to this Agreement and of all
the matters pertaining hereto as he deems necessary.


<PAGE>

         IN WITNESS WHEREOF, the Company and the Employee have executed this
Agreement on the day and year first above written.


                                         ASTA FUNDING, INC.


                                         By:  /S/ Gary Stern
                                             -----------------------------


                                              /S/ Arthur Stern
                                             -----------------------------
                                             Arthur Stern