i once had one of these. as far as i remember there was not much that could be done wrong.
if you turn all the knobs to 0 and it still peaks, somethings wrong i guess.
does it also peak when you attached mic and synth input?
if you bought it from europe... maybe its an issue with wrong voltage?
though normally it shouldn't work at all / blow up immediately then. 
had one of these .or the pcp330 which is the same model under different licencse,
led, should not stay on peak, sounds like it may have the wrong power supply to me,
they power input adapter on these is pretty cheap also,, but its a good voco when working right
apart from the p.s.u issue, not all p.s.u s worked with it .
is it a 9v dc adapter thats with it?
I had a search for the user manual and it looks like the MAM-VF 11 is expecting a 12v AC supply, not DC! Unusual, though I've also got an Alesis effects unit that's the same and didn't work using a DC supply.
I would have thought the supply would have been rectified into DC internally to the unit anyway, I've no idea why an AC supply would be needed.
Anyway, you need a 240VAC-12VAC 500mA PSU. I can send you the manual if you pm me your email address, it's only 365K.
Never heard of that happening, not if it's the same voltage. It's worth a go before you write the thing off.
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