The fallout of the Ryan Lochte robbery story will hit the swimmer in his wallet.
FOX's Chris Hoenig reports:
Speedo is ending its endorsement of Ryan Lochte. In a statement, the swimwear brand says they cannot condone behavior that is counter to the values they have long stood for, and while they appreciate his many achievements, they hope he moves forward and learns from this experience.
Lochte admitted to Brazil's O-Globo that he over-exaggerated his accounts of getting robbed at a Rio gas station:
(Lochte) "I take all responsibility. This was my fault. It was something that I did."
Lochte earned an estimated million dollars a year from his deals with Speedo and mattress company Airweave. Speedo now donating $50,000 of his fee to a children's charity in Brazil.
Covering the Olympics, Chris Hoenig, FOX News.