Ameritrade closed its deal with Datek in a bid to keep its struggling on-line brokerage business afloat, even in the face of a National Association of Securities Dealers inquiry that may yet throw a wrench in the works.
In filing securities documents Ameritrade recently disclosed that the NASD is probing accounts of "free riding,"-fast-moving cash account clients, generally day-traders, using the money from a stock sale to cover that same original stock buy-at a Datek subsidiary.
The probe is serious enough for Ameritrade to warn shareholders that it could foul up the billion-dollar Datek deal. One issue is with Datek's iClearing unit, which the NASD …
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