Speedo has ended its sponsorship of Ryan Lochte

Speedo has announced that it  will no longer sponsor Ryan Lochte, CNBC has reported on Twitter.

Over the past week, Lochte admitted that he "over-exaggerated" a story about getting robbed at gun point in a gas station in Rio during the Olympics. There were conflicting reports about the incident - with some accusing Lochte and his friends of vandalism.

Lochte released a statement later in the week to apologize for what he had done.

Speedo USA, however, said in a statement - available below - that it "cannot condone behavior that is counter to the values this brand has long stood for." Speedo USA will be donating $50,000 of Lochte's sponorship to Save The Children, to benefit children in Brazil.