No, it is true. It has always been stated that if you become a moderator and resign, then you shouldn't expect to get a reward for your work.
Since they got rid of the friend rank, there have been so many ex-staff members who had that rank who now have no special rank at all, even they should have got it, since they had the friend rank. But yeah, that's the way its runs now....
Being an ex-staff/friend rank, I am disappointed that they didn't transfer everyone's rank over to platinum and I know others also felt that way. But I'm not going to pester the staff to give me the rank back, since I don't play here anymore, just disappointed that it wasn't done better.