A Rockingham County grand jury handed up a 20 count indictment against Harrisonburg City Treasurer Rebecca Neal Tuesday.

The indictment includes eight counts of fraud and 12 counts of altering a deposit.

Neal could face up to ten years in prison for each fraud count and 6 months for each count of altering a deposit. She could also face a total of $812,000 in fines and be forced to resign her position as Treasurer.

" I think the statement of the number of changes and who's involved with this would state the seriousness and gravity with which my office and the Harrisonburg Police Department has dealt with this," said Commonwealth's Attorney Marsha Garst.

Garst did not rule out the possibility of more charges and added the investigation "is still ongoing."

In January, investigators served a search warrant on the Harrisonburg Treasurer's Office. Police investigators searched the office on South Main Street and removed boxes and filing cabinets.

A police vehicle was also seen outside of Neal's home on Chestnut Drive in Harrisonburg during the investigation.

After the warrant was served in January, Harrisonburg Police Spokesman Lt. Kurt Boshart said the investigation has been on-going since November.

"We want to make sure that we're handling it at the utmost proper manner. So, in order to do that it's going to be real important at this point in the investigation that we make sure that we're only releasing information that's factual information," said Boshart.

Shortly after her indictment on Tuesday afternoon, Neal turned herself in. Bond was set at $5,000.

After the bond hearing, Neal was escorted by sheriff's deputies to the jail to be formally booked.

WHSV News 3 asked Neal to comment as she was led away in handcuffs. She remained silent but her attorney, David O'Donnell said "Cases like this are better off tried in court, not out here in front of the Courthouse."

Neal is serving her third 4-year term as city treasurer, which is an elected position.However, if she is convicted of a felony, she could be removed from office according to Virginia state code.

Citizens could also petition to have Neal removed from office.

"There's a procedure whereby a petition is brought and there's hearings held, not that has not been initiated by any citizens nor by anyone at this point, but there are procedures under the law but we're not dealing with that," says Garst, "Again what we're dealing with are only the criminal charges at this stage and I'm not going to be allowed to comment on anything beyond that."

Neal is expected to be back in court on March 20th.