Yes even if you changed the recoveries and everything the account is still recoverable. I myself buy from Playerauctions because they have a thing where you can buy a year insurance for like $5 and it covers your account for a whole year and within that year if the owner recovers the account they will give you a full refund.
That sucks, sadly nothings changed these days. Unfortunate for your loss. Only thing to do nowadays is to only buy from trusted members, even then you're still not 100% secure. Although it's a hell of a lot better than buying from a newcomer who's joined today.