Prosecutors say the scheme was similar to Bernard Madoff’s, but the victims were not as wealthy.

The businessman prosecutors say defrauded investors of tens of millions of dollars surrendered Monday night to authorities.

Dressed in black and cuffed in the company of U.S. Postal inspectors, Nicholas Cosmo arrived to face the music in connection with what appears to have been a $380 million Madoff-like Ponzi scheme. He wasn’t talking.

The feds remained cryptic Monday night about the details but said they’ve been zeroing in for months.

“Everyone knew that things weren’t going well at Agape World, but I can’t reveal any details,” Postal inspector Al Weissman said.

Agape World, Cosmos’ company, billed itself as bridge lender using private equity to lend to businesses. People handed over big bucks in hopes of making a big return.

Anxious customers stood vigil at the company’s Hauppauge headquarters Monday as the feds carted off boxes of documents and issued an arrest warrant for the boss. Agape stopped paying dividends months ago citing financial problems.

There is much evidence to go through that investigators have to load it off a truck to begin sifting through it. Cosmo will be arraigned Tuesday in Central Islip on a single count of mail fraud but you can bet additional charges are in the offing.

Prosecutors said Cosmo took in $300 million from investors and then cheated them out of some $140 million.

(Source: WCBSTV)