SAN FRANCISCO -- Two East Bay men have been charged after bilking investors out of $3 million, according to federal authorities.

Jason George Rivera Jr., 35, and Marc Christopher Harmon, 41, have each been charged with eight counts of conspiracy and wire fraud, the U.S. Attorney's Office said. Rivera, a Danville resident, was also charged with two counts of tax evasion.

Authorities said the pair took money from investors and promised to use it to purchase or trade collateralized mortgage obligations or fund short-term loans to banks, but the money instead was used for personal use or to pay back prior investors.

The pair were indicted July 3 and made their first court appearance Wednesday. Rivera and Harmon, a San Leandro resident, were released after each paying $150,000 bail.

David DeBolt covers breaking news. Contact him in Richmond at 510-262-2728. Follow him at Twitter.com/daviddebolt.