Ryan Lochte dropped by Speedo, other sponsors after Rio robbery scandal

In a move that was bound to happen after making up a story about being robbed in Rio, Ryan Lochte has been dropped by one of his sponsors.

Speedo announced on Monday that it has cut ties with the 12-time Olympic medalist.

"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," a statement released by the swimwear company said. "We appreciate his many achievements and hope he moves forward and learns from this experience."

Lochte was embroiled in controversy over the past week when he made up a story about being robbed at gunpoint last Sunday morning along with U.S. teammates Gunnar Bentz, Jack Conger and Jimmy Feigen. After speaking to media members and giving the armed robbery tale some details in his story changed and eventually surveillance video of the group at a gas station vandalizing property emerged, which led to Lochte issuing an apology.

But his mea culpa after being caught wasn’t enough for Speedo and that relationship is now over.

Lochte received more bad news one day earlier after Ralph Lauren removed his name and image from its "Meet Our Athletes" page. The company has since dropped him as did his other two sponsors, Syneron-Candela and the mattress company Airweave. These are all the more proof that what he called just an “over-exaggeration” wasn’t worth it.

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