A spokesman for the Financial Markets Authority yesterday confirmed its investigations into Strategic were ongoing.
He said it did not comment on open cases.
Hobbs was one of six company directors for Strategic alongside Graham Jackson, Marc Lindale, Denis Thom, David Wolfenden and former chief executive Kerry Finnigan.
The source said it was possible to include a deceased estate in a civil case. But it would be up to the FMA to decide whether to include Hobbs' estate in any possible proceedings.
Hobbs, a former chairman of the New Zealand Rugby Union, was a key instigator in securing the right to host the Rugby World Cup.
Strategic's money helped to fund a range of property developments including Neville Mahon's Fiji Beach Resort & Spa managed by Hilton. The company was behind several Pacific properties, including three Rarotonga resorts.