First thing: remove the power from this poweradjust controller!
We had a look at the layout of the PCB and think that there is some kind of short circuit which supplies the LED with 5V. Depending on the short circuit it is possible that only the CPU of the controller will limit the current which means that it will burn down for sure if you run it any longer that way.
I recommend to remove the poweradjust from the PC and have a closer look at the PCB. Watch out for soldering points that might cause a short circuit:
The green arrow shows what I mean but in this case it is OK because this resistor and the left pin of LED are connected anyway through a circuit path. But if you see something similar to that in the area which is marked with the red arrow it will be wrong. If the soldering point there has contact to the circuit path you have to cut this connection. It should be enough to point a soldering iron to the soldering point to make it move away.
The arrows show only examples, but if there is a problem, it must be in the area around the LED.
If you see no problem or you can not solve it yourself or do not want to try it yourself, please send back the controller for a check or repair.