After fabricating a police report, Ryan Locate has lost Speedo as a sponsor according to the associated press.

"We appreciate his many achievements and hope he moves forward and learns from this experience," the company said in a statement on Monday.

Lochte apologized on Brazilian TV on Saturday. "Brazil doesn't deserve that," he said.

He insisted that he was a victim of extortion because he was forced by armed guards to hand over money.

Speedo is the first sponsor to to remove itself from Ryan Locate after his robbery scandal during the 2016 Summer Olympics. The remaining $50,000 of Locate's endorsement fee will be donated to Save the Children in Brazil.