[DaleM]

Here's how I did mine in 4.0.0 and it's still working in 4.0.2 PL1.

Create the usergroup as usual with Usergroups --> Add New Usergroup giving it an appropriate Title and Description if desired.

I use a User Title to override the default 'ladder' of user titles and a unique icon to identify them. One particular User Title reads:
<b>Founding Member</b><img src="images/ranks/iconname.png"> where 'iconname.png' is a graphic I created and uploaded to the 'images/ranks' folder.

In Username HTML Markup I make the username a unique color by adding <b><font color="#FF0000"> in the opening tag block and </font></b> in the closing tag box. This makes their screen name red in color and bold.

Then simply change the default usergroup for those members you want in this group.