Your petcock isn't turning off, and one or more of your float valves isn't shutting off. Alternately, besides the leaking petcock, the overflow tube in whichever carb is leaking may have a crack as described instead of a bad float valve..
However, if as you say the petcock is closed with the leak, then it isn't shutting off. You can confirm this by disconnecting the outlets and see if anything dribbles out with it shut off. If so, then perhaps the gasket/washer in it is shot or else the whole petcock body is bad.