As the SEC nears a $675 million market-timing settlement with Bank of America, possibly this week, federal regulators are expected to charge two former executives at Columbia Management, the mutual fund arm of BoA, with permitting preferred customers to engage in abusive trading practices, the Boston Globe reports.

The SEC plans to bring civil fraud charges against James Tambone and Robert Hussey for their role in allowing some investors to market time Columbia's mutual funds, a practice discouraged in its prospectuses because it erodes long-term returns. In previous cases against individuals, regulators have sought expulsion from the industry as a form of punishment.

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