[2] Martin was a member of the New York State Assembly (Oneida Co., 2nd D.) in 1898, 1899 and 1900;[3] and was Chairman of the Committee on Internal Affairs of Towns and Counties in 1900.

Albert Ottinger became the first New York Attorney General to make use of the Act in 1925, ultimately using it to shut down the Consolidated Stock Exchange.

NY Attorney General Eliot Spitzer is credited with having revived the law during his tenure, and his office launched a Martin Act investigation against Merrill Lynch for suspected fraud in 2001.

Ultimately, Merrill settled, agreeing to pay a $100 million fine and change the way its analysts are paid to head off possible criminal charges that it misled investors with tainted stock research.

On September 26, 2023, Manhattan Justice Arthur Engoron ruled that Donald J. Trump was liable for fraud ahead of trial in the New York Attorney General's lawsuit (accusing him of exaggerating his net worth by billions of dollars a year on financial records submitted to banks and insurers) – a major blow to the former president in the biggest civil case against him.