Michael Phelps could lose his gold medals? This could happen based on an Olympic Rule known as Rule 40 that states that no athlete can participate in non-Olympic marketing campaigns between July 18 to August 15.
Somehow on August 13th (2 days before the expiration of the Rule 40 deadline) Michael Phelps Louis Vuitton ad (see above) was leaked. The ad was set to be released on August 16th. In addition to possibly losing his medals he could also be fined for breach of Rule 40.