[2] Carnahan came to California in May 1896 at age 18, seeking treatment for tuberculosis, living at first with an uncle on a ranch at Alessandro, in Riverside County.

Later relocating his law practice to Los Angeles, Carnahan was appointed the first commissioner of the State Corporation Department by Republican Governor Hiram Johnson in 1914.

Nicknamed Julian Pete, the company collapsed after it was revealed to have overissued its stock, defrauding investors of more than $150 million.

Carnahan continued to serve as receiver through his term as lieutenant governor and worked on the bankruptcy until the receivership was closed out in 1941.

[3] After a series of health issues, including the reemergence of his tuberculosis, Carnahan killed himself in April 1941, dying at the Georgia Street Receiving Hospital in Los Angeles.