During an acoustic Doppler current profiler (ADCP) study of the velocity field under land-fast ice, coincident CTD casts showed three instances of pronounced instability in the water column, immediately above and below the pycnocline. In this paper we demonstrate that the density inversions are associated with the passage of high frequency linear internal waves and finite amplitude waves. Contours of ADCP acoustic return intensity display pronounced vertical eddy-like features which may indicate overturning. A Richardson number calculation showed that even the most highly stratified portion of the pycnocline had sufficient vertical velocity shear to promote dynamic instability. Finally, we calculate that the vertical nutrient flux, resulting from the high frequency internal wave field, could supply a significant portion of the ice-algae nutrient budget.