The robbers demanded their money and other items, USOC spokesman Patrick Sandusky said. An International Olympic Committee spokesman had earlier denied that Lochte had been held up at gunpoint.
"According to four members of the US Olympic Swimming Team (Gunnar Bentz, Jack Conger, Jimmy Feigen and Ryan Lochte), they left France House early Sunday morning in a taxi headed for the Olympic Village," Sandusky said.
"Their taxi was stopped by individuals posing as armed police officers who demanded the athletes' money and other personal belongings.
News of the incident first broke with Lochte's mother, Ileana telling USA Today and Fox Sports that her son was held up at gunpoint. But IOC spokesman Mark Adams insisted at a daily media briefing that the reports were "absolutely not true".
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Lochte and friends had been attending a party with Brazilian swimmer Thiago Pereira at Club France, a hospitality complex on the Rodrigo de Freitas lagoon run by the French Olympic Committee.
Amid the conflicting reports, Rio's famed Copacabana and Ipanema beaches have been made offlimits to Australian athletes after dark.
"There's been a lot of increased petty criminal, but criminal, activity on the actual beaches," Chiller said, explaining that the no-go zone included the sandy beaches but not the boardwalks.
Thefts and muggings, common in Rio, have become the talk of the town around the Olympics. A government minister, athletes, coaches and press photographers have all fallen victim. Australian team members had already been instructed to travel in groups of three and use vehicles for transport after dark "even if you're only going 4- or 500 meters", Chiller said.
"There's so many other areas that we can see," he said. "We will still see parts of Rio. Unfortunately it probably won't be the famous Copacabana, but we've driven past it.
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