Lochte, who won gold in the 4×200 metres freestyle relay in Rio, will also forfeit bonus money from the Games, the monthly funding he receives from USOC and USA Swimming and will not be allowed access to USOC training centres.
He will miss next year’s national championships and will therefore not be eligible for the world championships in July.
He must perform 20 hours of community service and will miss Team USA’s post-Olympics trip to the White House.
Lochte, 32, admitted he “over-exaggerated” a tale about being robbed and held at gunpoint after a party during the Rio Olympics.
Gunnar Bentz, Jack Conger, James Feigen, Lochte’s swimming team mates who were involved in the incident, also received sanctions for violating the USOC’s code of conduct.
“As we have said previously, the behaviour of these athletes was not acceptable. It unfairly maligned our hosts and diverted attention away from the historic achievements of Team USA,” said USOC CEO Scott Blackmun in a statement overnight, Australian time.
“Each of the athletes has accepted responsibility for his actions and accepted the appropriate sanctions.
“We look forward to focusing our energy on the Paralympic Games and the incredible men and women representing our country in Rio.”
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