I fixed it on my site by running the following query in PHPMyAdmin (you could run it in the UBB's SQL section as well):
Code
DELETE FROM `ubbt_USER_GROUPS` WHERE `GROUP_ID`=3;

This will delete all users from the moderators group; it could fail if your database prefix is anything other than "ubbt_", so be sure to update it accordingly.

I'd advise running the group step i mentioned in the prior post, which will have changed all users to the users group.

I am a Web Development Contractor, I do not work for UBBCentral. I have provided free User to User Support since the beginning of these support forums.
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