For a politically safe incumbent in an election year, state Sen. Rob Cowles was not in good spirits Monday.

“I’ve had better days,” said the Green Bay Republican.

Being caught holding a boatload of X-rated stock can do that for a guy.

Cowles was calling to say his San Diego-based broker had sold all of the senator’s shares of Rick’s Cabaret International and VCG Holding, two publicly traded companies that run upscale strip clubs around the country.

Rick’s Cabaret also holds an annual Gentleman’s Club Owners Expo and publishes several magazines, including TEEZE and Exotic Dancer. The Web sites run by the company include names such as “coupletouch,” a site for swingers; “naughtybids,” an online auction site for pornographic items and services; and “xxxpassword,” which gives subscribers entry to unlimited porn sites for $39.95 a month.

No Quarter disclosed Monday that Cowles had invested more than $50,000 in the two firms, according to his latest ethics filing. He has held VCG Holding stock for at least two years.

Under state rules, public officials have to say only whether they own more or less than $50,000 in a company.

“I’m not happy with this,” Cowles said Monday. “It’s embarrassing.”

The veteran lawmaker was first contacted Thursday about his less-than-wholesome holdings. Cowles said his investments were overseen by his financial adviser, Gary Tremble, but the legislator made it clear that he knew the two companies owned strip clubs. He seemed genuinely surprised, however, about the Web sites and magazines operated by Rick’s Cabaret.

Cowles said he would direct Tremble to purge all the pornography from his portfolio right away.

Reached late Friday, Tremble was combative, saying he had not talked to his client. Tremble defended his decision to put money into the risqué businesses, the only ones of their kind traded on Nasdaq. He said he had sold off some of Cowles’ shares earlier in the summer but expected the generally lackluster stocks to spring back to life soon.

Both companies — VCG Holding is based in Lakewood, Colo., and Rick’s Cabaret is in Houston — are down significantly from their 52-week highs.

Cowles said Monday that he had had trouble getting through to Tremble in recent days. Once the senator reached him Monday morning, Cowles ordered his broker to sell — but not before dressing him down for trying to make a few grand off gals in G-strings.

“I’m very upset with my guy in California,” Cowles said. “I hope this chapter is done, and we can get back to good stuff.”

That left just one final question:

Did the statehouse veteran — best known as a fiscal conservative — make any money off the stock sale?

“I don’t know,” Cowles said

One of the wealthier members of the state Senate, Cowles elaborated.

“I doubt it. My experience overall has been bad with these (investments).”

To put it mildly.

Daniel Bice can be contacted by phone at (414) 223-5468 or by e-mail at dbice@journalsentinel.com.