Speedo has announced on its Twitter account @SpeedoUSA that it will no longer sponsor Ryan Lochte. During his recent participation in the Rio 2016 Olympics, the 32-year-old U.S. swimmer reported that he and three teammates were held up by armed robbers at a gas station after a night of partying, on Aug.14. Brazilian authorities found out the four vandalized the gas station and were told by an armed security guard they had to pay for the damages before they were allowed to leave. Lochte later admitted they had “over-exaggerated” the armed-robbery claim. Speedo said in the release that while the company had enjoyed a winning relationship with the athlete for more than a decade, it could not condone a behavior that is contrary to the values the brand stands for. The company also said the $50,000 portion of Lochte's fee would instead be donated to Save The Children. Speedo International recently featured the swimmer as a model for its upcoming lifestyle collection. Lochte won gold in the men's 4×200 freestyle relay in Rio, bringing his total Olympic medals to 12.

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