Hedgeworld: The U.S. Securities and Exchange Commission ordered mutual fund and broker-and-clearing-firm arms of Bank of America to pay US$375 million to settle charges of market timing and late trading. The case primarily centered on trading in Nations Funds mutual fund shares... continue reading.

In-depth information on late trading and market timing:
Complaint, State of New York v. Canary Capital Partners, LLC et al.
(N.Y. Supreme Court September 3, 2003). /* rotflol */

Late Trading and Market Timing, The Review of Securities & Commodities Regulation, Vol. 37 No. 7, April 14, 2004