I think so too. However this tale did not actually benefit them in any way. Supposedly they damaged a door at a gas station (drunk and stupid) and (admittedly after some ... urging) they paid for it. So they didn't actually try to cover up a crime or anything. And nothing they did affected the outcome of any events or harmed the integrity of the sport. So it appears some guys told a dumb story to get attention and explain how they lost all their cash because they were embarrassed.
Not something I'd do but not something worthy of threats of prison either, which they got.
What I did not realize until today is that Lochte’s mother was the one who first alerted the authorities. So he may have felt he was in a position to not allow her to appear to be a fool, so he went along with whatever (exaggeration or outright lie) he may have told her. He might have told her he lost his money, and she asked how, so he kind of fabricated... not thinking she would call police or whatever she did. So now, he’s in DEEP, and has to throw someone under the bus, and it will not be his mother. ?? just some random thoughts.