I "had" the same problemme, your problemme is it is showing the UBB's default ranks not your custom ranks, so all I did to get it working (after 30 minutes of riping my hair out) is I just went into Miscellaneous Settings, and where it says
"Use Alternate User Titles? There are four status options for users: administrators, moderators, members, and junior members. You can have these four user classes appear as alternate titles, if you like. For instance, if you have a Star Trek site, you may want your administrators to be called Star Fleet Captain, your moderators to be called First Mate, your Members to be called Lieutenant and your Junior Members to be called Ensign."
All I did was go to the Junior member field and type in anything you like (I typed Pawn as in the chess piece) then click update Miscellaneous Settings, and you custom ranks should work now
I guess by updating the Miscellaneous Settings, when it processed it realised you have custom ranks and not the default ones, I dunno, but thats all I did and it works now
Also, like quasic said ages ago (page 1 or 2), in the Custom Ranks fields where you put in your |!!| bizzo, press and make sure you backspace any leftover spaces
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