Michael Coscia, the first person prosecuted, convicted and sentenced to three years’ imprisonment under a law prohibiting spoofing that was enacted after the 2007-2008 financial crisis, lost his motion to be free on bail pending the appeal of his verdict and sentence to a US appeals court. In denying his bail request, the federal trial court judge said that Mr. Coscia failed to demonstrate that his appeal “present[ed] a substantial question of law.”