By Jim Melwert, Todd Quinones

HARRISBURG, Pa. (CBS) —  Bail has been set for former Penn State University president Graham Spanier, charged in the cover-up of the Jerry Sandusky sex scandal.

Spanier, 64, entered a not-guilty plea today, with his wife by his side, and was released on $125,000 unsecured bail.

The man who served as Penn State’s president for 16 years faces charges of perjury, obstruction of justice, endangering the welfare of children, and failure to report abuse (see related stories).

Spanier’s lawyer, Elizabeth Ainslie, calls the allegations against her client “absolutely ridiculous.”

“Dr. Spanier was never given a chance to speak to this grand jury, to give his side of the story,” she said today, “and we look forward to the chance to give his side of the story in the future.”

Spanier had no comment as he left the district justice’s office.

A grand jury report accused Spanier of falsely testifying that he did not know about an allegation against Sandusky.

Prosecutors’ claim the former president was part of a conspiracy of silence at Penn State.

His next court date is set for November 16th.

Spanier, along with former athletic director Tim Curley and university VP Gary Schultz, face allegations that they knew of a 2001 on-campus incident in a locker room shower involving Sandusky, but engaged in a coverup to protect the university, rather than reporting it.