Peter Thomas Maine was allegedly part of an alleged £170m sale and rent back scam involving Gateshead firms North East Property Buyers and Newcastle Home Loans.
The investigation is believed to cover more than 2,000 mortgage applications.
Police have confirmed that the fraud will continue be investigated and that a possible link to Maine’s death was being pursued.
Maine joined the Law Society in 1981 and specialised in civil litigation, commercial property, conveyancing, family law and personal injury.
In April he was notified by the Solicitors Regulation Authority that he was to be prosecuted over ‘dubious’ transactions.
The regulator said it was alleged that he “acted as a solicitor in relation to transactions concerning a company which he ought to have known were dubious”.
It added that the alleged action may have compromised his independence, integrity or duty to his clients.
The allegation was in connection to his work at Hall & Co LLP based at Easington Colliery, which closed in 2011.
A spokesperson for the SRA confirmed that it has closed the proceedings against Maine following his death as it believes further investigation would not be in the public interest.
