It is normal for the lights to stay active for a few seconds after you power down the unit. The red fault light indicates a fault that could be related to: low air pressure, incorrect consumables in the torch, low input line voltage....and/or quite a few other issues. There is a good troubleshooting flow chart in your operators manual....and if that does not help I suggest contacting Hypertherm tech service...they are free, and they are extremely helpful when it comes to any Hypertherm equipment problems. Here is their contact information:
800-643-9878 Tel - Toll Free in USA
Let us know how this works out....or if I can be of any help. You also can download the service manual directly from the Hypertherm | Plasma Cutters | Plasma Cutting Equipment | Metal Cutting Equipment website.
Best regards, Jim Colt