Phelps the 14-time Olympic medalist and 32-time world record holder was caught taking a bong hit at a party at the University of South Carolina.
"I'm 23 years old and despite the successes I have had in the pool, I acted in a youthful and inappropriate way", Phelps said,"It will not happen again."
The World Anti-Doping Agency (WADA) sanctions only for a positive test that occurs only during training periods. Legal repercussions are pending.
This is not the first time Phelps has had a run in with the law, after the 2004 Olympics in Athens, Phelps, then 19, was arrested for drunk driving, for which he pleaded guilty and apologized.
USA Swimming said its Olympic champions are "looked up to by people of all ages, especially young athletes who have their own aspirations and dreams."
Being that Phelps is such a high profile athlete and role model, this certainly will hurt Phelps' reputation however, it is expected that Phelps will not lose much as far as endorsements. Endorsements that include Speedo and McDonald's.
Phelps has proved time after time when he's motivated he's unbeatable, it might be scary to see what he swims like when he's mad.
Phelps is a young kid just trying to have fun, or perhaps evening the playing field, even with the lung capacity of Phelps that hit might not have been worth getting caught for.