SULLIVAN, Ind. -- A former pastor accused of bilking thousands of investors out of millions of dollars in a Ponzi scheme aimed at their Christian beliefs has been charged with securities fraud.

The Indiana Secretary of State's Office said Tuesday that warrants on 10 felony counts each were issued for Vaughn Reeves, of Sullivan, and three of his sons -- Chip, Chris and Josh.

Each could face two years to eight years in prison on each count if convicted. Bond for each was set at $1.5 million cash.

The men were charged with committing fraud by duping church members into buying bonds that were supposed to finance church construction projects through their brokerage, Alanar Inc., then pocketing about $6 million.

"This case goes far beyond simple theft," said Secretary of State Todd Rokita, in a news release. "The Reeves allegedly targeted their victims through their faith and then exploited their religious convictions in order to hide their elaborate Ponzi scheme from potential investors."

Sullivan County Prosecutor Robert Hunley II said church members were encouraged to sell bonds to fellow church members and were told "to never sell the facts, sell warm stewardship and the Lord."

Investigators said the Reeves conducted the scheme over a period of at least five years and that thousands of investors had fallen victim.

None of the Reeves could be located for comment and it was not immediately clear whether they had attorneys.