Step 1: Statement (I)
In sympatric speciation, a new species forms within a single population living in the same area without geographical isolation, for example through polyploidy. So Statement (I) is correct.
Step 2: Statement (II)
Migration brings gene flow and mixes gene pools. This works against the reproductive isolation needed for speciation, so Statement (II) is incorrect.
Step 3: Conclusion
Statement (I) is correct but Statement (II) is incorrect.
Final Answer:
Statement (I) is correct and Statement (II) is incorrect.
\[ \boxed{\text{(C) }\text{Statement (I) is correct but Statement (II) is incorrect.}} \]