Correct. It's just like dollars or valuable jewelry in your house. If someone can hack their way into it they end up with it.
Though in this case it's hardly 'hacking' - the information needed to gain access to the account was publicly available

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I'm truly sorry for Roger - he's one of the good guys in this community. Let's hope that the remaining Bitcoinica funds don't slip through their fingers before they can at least partially compensate him.