Diamond Video Capture not working

I recently purchased a Diamond One-Touch Video Capture and when trying to connect it to Windows 7 on a virtual machine I get:

Is there something I can do to make Windows recognize it?

 

Let me know if I need to provide any more info.

 

What happens if you:
1) Unplug the device from the Mac, maybe restart the Mac.
2) Run your virtual machine, and log into Windows.
3) Plug in the device to the Mac.
4) Allow the device to be connected to the virtual machine instead of Mac OS.