Auditing LLM Program Search for Bermudan Stopping with Primal--Dual Certificates

LLM program-search agents are usually judged by the score that drives their search. We study LLM-driven search over Python exercise policies for Bermudan options, an optimal stopping problem where a trusted evaluator owns the simulation and a dual upper bound U. For any policy, 0 V - L π U - L π; we report Monte Carlo estimates of both bounds with their sampling error. We audit 24 generation attempts from two pipelines, a six-pair feedback-representation ablation, and a holdout evaluated after selection was frozen. No selected generated program improves on Ridge LSMC consistently or by more than Monte Carlo uncertainty; holdout gap scores lie within 0.002 of it. On six one-dimensional puts, a high-precision binomial reference places Ridge within Monte Carlo noise of optimal and attributes 99% of the estimated gap to dual-bound looseness, so this dual audits validity but cannot certify progress at the search's scale. Structured memory showed no benefit over score-only memory in this ablation. Whether search ``worked'' depends on reporting rules: retaining the initial reference, freezing selection before holdout, and counting failures.