Ryan Lochte Loses Speedo

RIO DE JANEIRO, BRAZIL - AUGUST 11: Ryan Lochte of the United States prepares in the Men's 200m Individual Medley Final on Day 6 of the Rio 2016 Olympic Games at the Olympic Aquatics Stadium on August 11, 2016 in Rio de Janeiro, Brazil. (Photo by Clive Rose/Getty Images)

RIO DE JANEIRO, BRAZIL – AUGUST 11: Ryan Lochte of the United States prepares in the Men’s 200m Individual Medley Final on Day 6 of the Rio 2016 Olympic Games at the Olympic Aquatics Stadium on August 11, 2016 in Rio de Janeiro, Brazil. (Photo by Clive Rose/Getty Images)

Ryan Lochte has lost his Speedo… endorsement.

Speedo is the first sponsor to cut ties with the disgraced U.S. swimmer.

“While we have enjoyed a winning relationship with Ryan for over a decade and he has been an important member of the Speedo team, we cannot condone behavior that is counter to the values this brand has long stood for,” said its statement. “We appreciate his many achievements and hope he moves forward and learns from this experience.”

Lochte and three teammates said they had been robbed at gunpoint after attending a party at the Olympics, but it was soon discovered the four athletes allegedly vandalized a gas station and urinated on the building. Authorities in Brazil denied any robbery took place.

On Friday, he apologized in a statement, saying he should have been “more careful and candid” from the get-go. In the excerpt shown on NBC, Lochte said “I over-exaggerated that story and if I had never done that we wouldn’t be in this mess.”

On Monday he said he respects Speedo’s decision to end his sponsorship.

“I am grateful for the opportunities that our partnership has afforded me over the years,” he said. “I am proud of the accomplishments that we have achieved together.”

Speedo initially said it was following the situation and that it has a policy not to comment on ongoing legal investigations. Monday it said it will donate a $50,000 portion of Lochte’s fee to Save the Children for children in Brazil.