Take a digital multi-meter and do a continuity test from the headshell leads to the RCA connectors. I suspect the wire may be shorted out, or the IC from the table is bad. If you take off the bottom cover, you will find the tonearm circuit board and you could do a continuity test from the headshell to this board. I suspect the problem is not in the tonearm, but rather the interconnect cable. Infact, test the other way from circuit board to RCAs and I think you will find a bad conductor.
I'm not eliminating the arm wiring, but I would go for the weakest link (and easiest to repair/replace) and that is the interconnect cable.
If it's an interconnect shield that is bad, you could connect both commons together at the cartridge end, cause they are connected together at the preamp end anyway, and that might fix it too.
BTW, did you swap the left and right channels at the cartridge? Your cartridge might be bad. I just had a Grado Longhorn failure, brand new (for a customer) with an open circuit. So cartridges can get smoked too.
Wayner