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The former director of sales for a Colorado real estate company that built luxury homes throughout the state agreed Friday to plead guilty to a federal conspiracy charge.

Benjamin Serrano, 47, said he and other company officials participated in a $16 million “builder bailout” scheme in which buyers of $1 million- plus homes were paid kickbacks if they purchased homes from the company.

In a related plea agreement also filed Friday in U.S. District Court, Serrano agreed to plead guilty to one count of conspiracy.

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