It actually sounds if you accidentally connected one of the front LEDs to the motherboard connectors of the power switch. The very small voltage might cause the LED to blink (though not very likely) however, it is more likely that it acts as a permanent pressed power switch. I've seen it before and although it appears that the PC is turned off, it actually turns on and off multiple times per second.
Disconnect all front panel connectors and make 100% sure that the wires for the power buttons are connected to the PWRBTN and the GRND pins on the 'System Panel Header'. Connect PSU to outlook, turn the PSU switch on and look for any blinking front LEDs (there shouldn't be any). Then hit the front panel power button.
If this still doesn't work, disconnect the power button cable from the 'System Panel Header', turn on PSU and carefully shortcut the PWRBTN PIN and the GRND pin (which is right to the PWRBTN pin) with a conductive screwdriver top (better not to touch other components/pins). When the systems turns on, immediately break the shortcut. By doing so, you manually imitate the function of the power button. Last week I've actually seen a systemcase (Antec 300) with a defective power button, although it was the first time in my live I've seen it, it can happen.
Here you can find the manual of your motherboard:
ftp://europe.asrock.com/manual/FM2A75%20Pro4-M.pdf
On the bottom of page 40 you can find the information regarding the 'System Panel Header'