If the time is wrong on your phone try this, it worked for me.
Update your phone PRL and Profile. To do so, from the home screen click menu-->settings-->about phone-->system updates and then click Update PRL and wait for it to update if it needs to. Mine updated from 60654 to 60655 (you can see the PRL number on the Status page which is just below the System Updates menu option. After that I did the Update Profile. Once that finished, the status bar clock immediately showed the correct time.
When I went back to the home screen, I noticed that the clock widget was still showing the old time. Perhaps I could have waiting and it may have updated at some point, but I simply removed it from the screen and then re-added it at which point it showed the correct time.
Good luck...