The Big Fake Ending Explained: Did Toni Outsmart the State? The Full Recap of the Netflix Thriller

Rome in the ’70s and ’80s wasn’t just the city of Popes and Dolce Vita; it was a labyrinth of “Lead Years” violence, Red Brigades, and the ruthless Banda della Magliana. Netflix’s The Big Fake (Il Falsario) plunges us into this era through the eyes of Toni (Pietro Castellitto), a provincial dreamer turned master forger.

This isn’t just a crime biopic; it’s a story about the price of freedom in a world where everyone, from priests to secret agents, is wearing a mask.

Considering this as the first major film in Netflix Italy’s 2026 lineup, the Italian slate of series and movies is shaping up to be genuinely promising.

The Big Fake Ending Explained: Toni Chichiarelli Heist & Twist Decoded

Review: A Beautiful, Yet Cryptic Noir

The Big Fake is easily one of the most compelling Italian originals Netflix has delivered in years, but it demands your undivided attention.

In an era where many Netflix productions (like the recent The Rip) seem designed for viewers distracted by their phones, often repeating plot points to ensure no one gets lost, Il Falsario takes a riskier, more opaque path.

The Historical Gap For an Italian viewer who lived through the 1970s, the mention of “black and red” politics or the kidnapping of a statesman is enough to set the scene. However, for younger generations or international audiences, these hints might feel like “hidden history.” The film assumes you understand the weight of the Red Brigades and the political tensions of the time. Without that context, certain character motivations, and the subtle reveal that the government “doesn’t break hands” (leaving that brutality to the Mafia), can fly over a viewer’s head.

The press material provided is, frankly, even more detailed than the movie itself in explaining the roles of characters like “The Tailor.”

The Verdict The film is a visual masterpiece, utilizing zooms and film grain to feel like a lost gem of the 70s.

It’s a 4.5/5 journey, provided you keep your eyes off your phone and on the screen.

SPOILER ALERT: The following is a detailed, beat-by-beat recap of the entire plot and the ending of The Big Fake.

Watch the Trailer

Detailed Movie Recap: The Rise of a Ghost

The film opens in Rome on a rainy night. A man walks alone toward his car, gets inside, and is shot at close range. A voice-over reflects on that day, explaining that the two were supposed to meet, but things did not go as planned. He wanted to be a free man and paid a brutal price for that freedom. The question that frames the entire story is: To get where you want to go, what are you willing to do?

The story jumps back three years to Lago della Duchessa. Toni leaves his small-town life with two close friends: Fabione, a factory worker with revolutionary ideals, and Vittorio, a priest.

Rome in the mid-1970s is overwhelming, crowded with artists, radicals, and power brokers. Toni dreams of becoming a great painter, but he survives by painting portraits in public squares, going hungry in a bare apartment.

His life changes when he meets Donata (Giulia Michelini), a sharp art dealer. She tells Toni bluntly: his original style won’t sell; the market wants symbolic, conceptual art. However, she discovers a perfect “fake” Bernini in Toni’s room, painted by him from a book. Intrigued, she challenges him to replicate a Modigliani.

The Big Fake Ending Explained: Toni Chichiarelli Heist & Twist Decoded

Between Crime and Revolution

Meanwhile, Fabione joins the Red Brigades and asks Toni to help rob a safe. The robbery goes wrong, and Fabione is shot in the arm. Vittorio, the priest, treats the wound while scolding them. Despite this, Toni delivers the Modigliani to Donata, who introduces him to Balbo (Edoardo Pesce) and the Banda della Magliana.

Toni begins forging masterpieces at an industrial pace: Boccioni, De Chirico, Monet. He becomes wealthy overnight and moves in with Donata. Parallel to this, we see Vittorio’s resentment building. He became a priest only to escape poverty, and seeing Toni’s rapid rise triggers a quiet envy.

The Big Fake Ending Explained: Toni Chichiarelli Heist & Twist Decoded

The Moro Mystery and the “Tailor”

Fabione asks Toni for a typewriter. Days later, Aldo Moro is kidnapped. Toni realizes the Red Brigades’ flyers were produced using that very typewriter. This brings him to the attention of The Tailor (Claudio Santamaria), a refined figure connected to the secret services.

The Tailor forces Toni to forge a “seventh communiqué” to manipulate the Moro negotiations. Later, the Tailor informs Toni that the Pope has raised 10 million lire in ransom, but proof of life is required. The exchange fails when the Vatican backs away at the last second. Toni hears on the radio that Moro’s body has been found in Via Caetani. The Tailor is present at the scene.

The Big Fake Ending Explained: Toni Chichiarelli Heist & Twist Decoded

The Downfall and the “Broken Hands”

Donata eventually leaves Toni, frightened by his connections to the Mob and his obsession with painting for Uncle Pippo, a mafia boss. Soon after, Balbo is killed in a sabotaged car accident.

Then comes the turning point: three men break Toni’s hands. Initially, it seems like a warning from the State to stop asking about Balbo. However, the film reveals a more “classic” truth: Uncle Pippo ordered the beating. Toni had crossed a line by sleeping with Virginia, a woman connected to the boss. As the Tailor later hints, “The State doesn’t break hands”, they use more subtle tools.

The Big Fake Ending Explained: Toni Chichiarelli Heist & Twist Decoded

The Final Switch: Who Really Died?

Toni spends five months recovering. During this time, Fabione gives him the Moro Memoirs (explosive documents) in exchange for false passports. Before Fabione can escape to South America, he is killed by the police. Toni hides the memoirs where Vittorio can find them if something happens to him.

Desperate for freedom, Toni stages the “Robbery of the Century” at the Brink’s Securmark vault, stealing 35 millions lire and framing the Red Brigades. The Tailor, knowing it was Toni, targets Vittorio. It’s revealed that Vittorio is a fraud who embezzled church funds for luxury jewelry and clothes. The Tailor offers him a deal: the memoirs in exchange for a promotion to Monsignor.

The Big Fake Ending Explained: Toni Chichiarelli Heist & Twist Decoded

The Identity Swap

The opening scene returns. Through flashbacks, we see that Vittorio betrayed Toni and accepted the Tailor’s deal. Toni, realizing the betrayal, leaves Vittorio a letter and his car keys.

The man entering the car in the rain is actually Vittorio, wearing Toni’s “identity.” San Siro (the hitman) shoots him dead.

The film ends with the real Toni in a taxi with Donata, escaping Rome with the stolen millions. He offers a faint, exhausted smile: he has successfully forged his own death.

The Big Fake Ending Explained: Toni Chichiarelli Heist & Twist Decoded

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