USA Today reports that a source close to the situation confirmed Lochte was handed the 10-month suspension Wednesday by both the International Olympic Committee, the United States Olympic Committee and USA Swimming.
PEOPLE has contacted Lochte’s lawyers for comment who have so far been unavailable.
Lochte apologized last month in response to his claim that he and teammates James Feigen, Jack Conger and Gunnar Bentz were held at gunpoint during a night out.
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Lochte originally said the four swimmers were robbed at gunpoint during a taxi ride back to the Olympic Village on their night out. His account was disputed by Brazilian authorities who said their investigation revealed that an altercation had occurred between the swimmers and security guard at a gas station.