Ryan Lochte Awaits Fallout Over 'Over-Exaggerated' Situation

The American swimmer could face punishment from Olympic officials and lose millions of dollars' worth of endorsements.
2:45 | 08/21/16

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Transcript for Ryan Lochte Awaits Fallout Over 'Over-Exaggerated' Situation
I'm Tom llamas. We begin with the frenzy swirling around Ryan Lochte. At the center of an international scandal. The U.S. Swimmer claiming he overexaggerated his story in Rio. Authorities say that video shows Lochte and three teammates vandalizing a gas station. Lochte revealing he was still wa drunk when he hold the story. Olympic officials deciding if and how the four swimmers should be punished. Here's Matt Gutman. Reporter: Tonight, the second most decorated swimmer in history, backpedaling. Ryan Lochte telling a Brazilian TV station -- Why did you change the version of the story so many times? I just, I overexaggerated. Part of it, the very first part, I was intoxicated. I was a little frightened, having a gun pointed to you. Reporter: His story having morphed from this first fanciful account. We got pulled over in our taxi. These guys came out with a badge, a police badge. A guy pulled out his gun. He cocked it. Put it to my forehead. Reporter: To a statement admitting he should have been "More careful and candid" about describing the boozy night he was seen here vandalizing this sign. And then confronting security guards when they said they'd call the police. But he still doesn't quite admit to lying. I overexaggerated the story. I overexaggerated. I overexaggerated some parts. My mistake was overexaggerating what really happened. You don't think you were lying? I wasn't lying, to a certain extent. I overexaggerated what was happened. And like I said, I can't say if it was a robbery or anything like that. Reporter: His explanation for his initial account -- I was still intoxicated when that happened. So you didn't go to sleep? No. Reporter: And for a swimmer with $1 million in endorsement deals with speedo and Ralph Lauren, there could be more fallout. Lochte acknowledged that he might lose endorsements after this. How bad could it be? Matt, would you endorse someone who lied to his mother, first of all. Lesson number one, never lie to mom. Two, lied to the U.S. Olympic committee. Then goes on national television and makes up a total lie about what happened that night. And then as it's unraveling, he just keeps lying. So when you take the narcissism of what he did, coupled with the stupidity of what he did, why? Why would someone endorse that? It's dumbfounding. Reporter: While it's doubtful that he will face prosecution in Brazil, a furious CEO of the U.S. Olympic committee upping the ante, saying he will face disciplinary action in the U.S. It could mean a lengthy suspension.

This transcript has been automatically generated and may not be 100% accurate.

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