An Ohio man who spent nearly 40 years behind bars for a murder he did not commit will receive  $2million from the state as compensation for his wrongful imprisonment. Ricky Jackson, 59, and his friends Ronnie and Wiley Bridgeman were sentenced to death in 1975 for the murder of a businessman after a 12-year-old boy said he saw them commit the crime. All three men were exonerated in November after the witness, Eddie Vernon, recanted his testimony last year and said he had been pressured and threatened by police to testify. Scroll down for video . Ricky Jackson, 59, will receive $2million from the state of Ohio as compensation after being wrongfully imprisoned for 39 years . Jackson (pictured here holding his first ever cell phone) and his friends Ronnie and Wiley Bridgeman were exonerated in November for the 1975 murder of Cleveland businessman Harry Franks . Jackson, who is the longest-serving wrongfully convicted prisoner, was awarded $1million on Thursday as a down payment, according to Cleveland.com. The figure is computed from the state's base rate for wrongful conviction compensation, which stands at $40,330 per year in jail. The number is then adjusted for inflation. In addition to the tax-free $2million award, Jackson will also receive an undetermined sum of money to account for the wages he lost while in prison, according to his attorney Michele Berry. Berry said she believes the amount, which is decided by an expert, will be substantial as Jackson has shown himself to be an 'incredibly talented and wise person' since his release. 'The career path he could have taken will be worked out by the expert,' she told Cleveland.com. 'He could have gone in any number of directions.' Jackson (pictured left in his original mugshot and right in February) is the longest-serving wrongfully convicted prisoner. His award was computed from the state's base rate for wrongful conviction compensation . Jackson (pictured here walking out of jail) called the $2million compensation 'fantastic' and said it was 'going to mean so much' The Bridgeman brothers are due to receive their initial checks soon as well according to Berry, who said their case was a couple of weeks behind with the state's Court of Claims. Jackson's payout is significantly smaller compared to recent wrongful conviction compensation awards. Just yesterday an Illinois man who spent nearly 20 years in jail after being wrongly imprisoned for rape and murder received a $20million settlement, setting a new national record. He received about a million dollars for each year spent behind bars. Jackson, in comparison, received about $51,000. And in January a Connecticut man who spent 21 years in jail for a rape and murder he did not commit received $6million in compensation after DNA tests proved his innocence. But Jackson was rendered speechless and thankful when he heard about the $2million compensation, calling it 'fantastic'. 'This is going to mean so much,' he told Cleveland.com . And no matter the amount of money, Jackson and the Bridgeman brothers all have 'scars that we are never going to be able to recover from,' he recently told Fusion. But no matter the amount of money, Jackson (pictured here picking up his dry cleaning in February) said he and the Bridgeman brothers all have 'scars that we are never going to be able to recover from' The three men were exonerated after original witness Eddie Vernon recanted his testimony last year and said he had been pressured and threatened by police to testify when he was 12 years old . 'I think the opportunity for justice to be served was lost the day we went to court,' said Jackson, who said he will never forget the fact that he doesn't have kids. But Jackson said he did not feel bitter or spiteful. 'That's something that happened. Everyone is going through something in their life. This was our something.' 'Whatever we lost is gone... we can't ever recapture it.' Jackson was only 18 when he was convicted of the May 19, 1975, murder of Cleveland businessman Harry Franks, who was attacked, robbed and shot to death. The Bridgeman brothers and Jackson had walked passed the crime scene and inquired what had happened. They became the prime suspects not long after. The Bridgeman brothers are due to receive their initial checks soon, as their case is a couple of weeks behind Jackson's with the state's Court of Claims . The aftermath of the murder for which the Bridgeman brothers and Jackson were convicted in 1975 . The prosecution's case was based on the testimony of 12-year-old Eddie Vernon, who said he saw the murder. There was no physical evidence linking the three to the crime scene. All three men were given the death penalty, sentences that were commuted to life in prison after the U.S. Supreme Court outlawed capital punishment in 1978. Their cases were first re-evaluated after a 2011 article in the Cleveland Scene magazine highlighted Vernon's unreliable testimony. In the initial court hearings, Vernon said he was on a bus with other schoolchildren when he heard gunshots. Other children on the bus have said Vernon would not have been able to see anything from his seat, which he has since admitted was true. Jackson said he holds no animosity toward Vernon. 'It took a lot of courage to do what he did,' he said. 'He's been carrying a burden around for 39 years, like we have.' 'But in the end, he came through, and I'm grateful for that.'
Ricky Jackson, 59, and his friends Ronnie and Wiley Bridgeman were all exonerated in November for the 1975 murder of Harry Franks . Jackson's award is based on Ohio's base rate for wrongful conviction compensation, which is $40,330 per year spent in jail . He will also receive an undetermined sum of money to account for the wages he lost while in prison . Bridgeman brothers will receive their initial checks in a couple of weeks .