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Ashby Elevator Victims Likely to Get Fraction of What is Owed

Government estimates total of $14.5M in claims


Federal prosecutors in the Jerry Hennessey fraud case recommended to the court how the $5.3 million in restitution should be split among victims of the former elevator manager, which will be a fraction of percentage of what is owed, reports the West Central Tribune.

Hennessey, 56, is serving an eight-year prison sentence for defrauding the Ashby Farmers Cooperative Elevator in western Minnesota.

In July, U.S. District Chief Judge John R. Tunheim ordered certain assets be forfeited and that Hennessey pay restitution of $5.3 million.

The government estimates a total of $14.5 million in claims, including $12 million in creditor claims by 38 victims and $2.4 million is owed to 428 equity owners of the co-op.

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