In reality, he and three fellow swimmers spent the early hours of Sunday morning vandalising a gas station and urinating on the walls outside.
His endorsers have taken fright at the press storm which has ensued since the fiasco.
Speedo signed a ten-year contract with the athlete in 2006. But in a brief statement on Monday the company said it would be ending the deal - which would have been up for renewal this year in any case.
'Speedo USA today announces the decision to end its sponsorship of Ryan Lochte,' it said.
'As part of this decision, Speedo USA will donate a $50,000 portion of Lochte’s fee to Save The Children, a global charity partner of Speedo USA’s parent company, for children in Brazil. '
Ralph Lauren followed suit just hours after the swimwear brand dropped the Olympian, declaring the company would not be renewing Lochte's contract.
And according to ESPN, Syneron-Candela, the parent company of Gentle Hair Removal, has also ended its association.
Speedo did not drop Lochte's teammate Michael Phelps when he was found to have been drunk driving in 2014.
32-year-old Lochte has won 12 Olympic medals and is the second-most decorated swimmer of all time. But his status as one of the darlings of the athletic scene has been put in jeopardy by the Rio fiasco.
Even companies that previously sponsored Lochte have been keen to distance themselves from him - prompted by Twitter users mistaking them for current endorsers.
It is unclear how much Lochte earned from these companies. However in 2012, the year of the London Olympics, Fortune estimated his endorsement earnings could reach around $2.3 million, with most of those netting him upwards of $250,000.