Open this photo in gallery Kevin O'Leary addresses a news conference in Toronto on April 26, 2017. Nathan Denette/THE CANADIAN PRESS

A Liberal MP wants the Commissioner of Canada Elections to investigate whether Kevin O’Leary broke the law by holding a fundraiser with his U.S. TV co-stars to pay off the $530,000 debt from his failed federal Conservative leadership bid.

Liberal MP Francis Drouin has asked Commissioner Yves Côté for a “fulsome investigation” into the celebrity businessman’s recent fundraiser at historic Casa Loma in Toronto.

Mr. O’Leary sought to attract donors to last Thursday’s event by promising to match the $2,000 ticket price with an equivalent donation to the Canadian Olympic Foundation, which is chaired by one of his chief fundraisers, Toronto lawyer Perry Dellelce. Mr. O’Leary said the federal government would match the contributions through a program that funds future Olympic and Paralympic athletes.

Story continues below advertisement

In a letter sent to Mr. Côté this week, Mr. Drouin called the link to charitable donations “troublesome.” He also asked whether the appearances of Mr. O’Leary’s co-stars on the entrepreneurial TV show Shark Tank could be considered an in-kind, or non-monetary, contribution to the campaign.

“This investigation is necessary in order to ensure proper accounting and compliance with both the spirit and letter of the law,” wrote Mr. Drouin, who represents Glengarry-Prescott-Russell, a riding east of Ottawa.

A spokeswoman for Mr. Côté’s office would not comment. In a letter to Mr. Drouin on Tuesday, Mylène Gigou, acting senior director of investigations at the Public Prosecutions Service of Canada, confirmed the complaint was received.

According to Elections Canada, the law does not prevent leadership contestants from matching political contributions with a charitable donation of their own. Expenses incurred before or after a leadership contest are not regulated, but cannot be paid with campaign funds. Non-monetary contributions are not subject to controls on contributions in the act, or reported, outside of the contest period.

Elections Canada has recommended this be changed. The Liberal government’s Bill C-50, which is making its way through the Senate, would change the law to include all expenses incurred as a result of a race, not just during it.

In an interview, Mr. O’Leary said he has followed all the rules.

“These claims are without merit,” Mr. O’Leary said. “Everybody that purchased a ticket, we have to go through every single one to make sure it’s been done according to the rules.”

Story continues below advertisement

The event featured Mr. O’Leary and his co-stars, real estate mogul Barbara Corcoran and billionaire Mark Cuban, co-owner of the NBA’s Dallas Mavericks, who spoke on a panel about topics such as Mr. Cuban’s potential bid for the U.S. presidency.

Mr. Drouin’s letter asked whether Mr. O’Leary or his campaign covered his co-stars’ costs for the event.

Ms. Corcoran and Mr. Cuban told The Globe and Mail last week they paid their own way to Toronto. Ms. Corcoran said Mr. O’Leary paid for her hotel room, while Mr. Cuban wasn’t sure if he or Mr. O’Leary paid.

Mr. O’Leary, who estimated he sold about 100 of the 250 tickets available last week, said he is still tallying the totals, but thought he had raised about $180,000.

“It’s a lot of work, let me tell you,” he said.

He said the fundraiser was sponsored by brands such as Veuve Clicquot and Toronto’s Liberty Entertainment Group, which paid for the event space.

Story continues below advertisement

Mr. O’Leary said he will have to do three or four more events to pay off his debt, for which he is not allowed to use his own money.