Brazilian police claim Lochte and fellow swimmers James Feigen, Gunnar Bentz and Jack Conger had not been held up at gunpoint, but instead had vandalized a gas station bathroom while intoxicated, and paid the damages after being questioned by armed guards.
Lochte, who gave two somewhat different accounts of the incident to the Today show, issued a statement on Instagram Friday, apologizing for "not being more careful and candid in how I described the events of that early morning," but stood by his story that he had a gun pointed at him.
"It's traumatic to be out late with your friends in a foreign country -- with a language barrier -- and have a stranger point a gun at you and demand money to let you leave," he said in his apology. "But regardless of anyone else's behavior that night, I should have been much more responsible in how I handled myself. For that, I am sorry to my teammates, my fans, my fellow competitors, my sponsors and the hosts of this great event."