Colgate Means Go Hang Yourself?

Colgate faced big obstacle marketing toothpaste in Spanish speaking countries. It is said that Colgate translates in to "go hang yourself".

IS IT TRUE?

"Go hang yourself" doesn't really translate to "colgate". But, "go hang yourself" would translate to some thing like "cuelgate." However, the act of hanging yourself is "colgarte". But both "colgarte" & "colgate" are pronounced the same way..