Speedo drops sponsorship of Ryan Lochte

NEW YORK (FOX 5 NY) - Swim gear manufacturer Speedo USA announced Monday that it had dropped its sponsorship of Olympic gold medal swimmer Ryan Lochte after a scandal during the Rio Olympics.

Speedo USA wrote via Twitter, in part, “We cannot condone behavior that is counter to the values this brand has long stood for... and hope he moves forward and learns form this experience.”

Lochte, 32, and three U.S. swim teammates vandalized a gas station bathroom and then lied and said they were held at gunpoint in the early morning hours after a night of partying, according to Brazilian authorities.

Lochte issued an apology for his "behavior" and in a televised interview on Sunday said he "over-exaggerated" the story about the alleged gunpoint robbery.

Lochte served as a spokesperson for Speedo USA for more than a decade. It is the first major company to drop its sponsorship of the star swimmer.

According to the swim wear manufacturer, $50,000 of Lochte's fee will be donated to charity 'Save The Children' for children in Brazil.